As the deadline for the enrollment for the Bank Verification Number of Nigerian bank customers in the diaspora elapsed yesterday, January 31, 2016, the number of enrolled customers hit 23.18 million, according to the latest data on the website of the Nigerian Interbank Settlement System (NIBSS).
The CBN had last year November extended the deadline for the registration to January 31, 2016, after the October 31 deadline.
This, according to the director of Corporate Communications at the Central Bank of Nigeria, Ibrahim Mu’Azu, was to enable the customers in the diaspora to complete the enrollment exercise as well as link the BVN with their respective accounts.
The number of enrolled customers had risen from 20.8 million as at October 31, 2015, which was the deadline for Nigeria-based customers, to 23.18 million as at yesterday.
Henceforth, bank accounts without BVN both home and abroad will be operated as a no customers initiated debit. That is until the account holders obtain and attach BVNs to the accounts. This means that a customer may not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account.
Aimed at revolutionising the payment system in the country, the BVN captures bank customers’ biometrics which are electronic verification tools for online and mobile banking that offer unique customer identification, giving unchangeable identification that helps in Know Your Customer (KYC). It is expected to curb fraud within the banking system and also boost lending.
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