By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) said on Tuesday the Bank Verification Number (BVN) enrolment is a continuous exercise, according to Ibrahim Mua’azu, director, corporate communications.
This is coming on the heels of complaints from bank customers that their bank has turned them back from enrolment for the BVN.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to complaints by some bank customers that their banks had turned them back from continuing the enrolment for their Bank Verification Number (BVN) due to the expiration of the deadline of October 31, 2015,” the statement said.
According to the apex bank, the BVN is a continuous process despite the time frame given for the initial enrolment had lapsed; customers who are yet to register are required to do so in order to avoid restrictions on their accounts.
The CBN affirmed that all banks have been directed to ensure uninterrupted enrolment of customers on the BVN platform. “Account holders who are yet to obtain their BVN are enjoined to visit their banks and do the registration,” the CBN added.
In the clarifying the process, the CBN explained that there are two (2) steps to the BVN process. The first step is to obtain a BVN, while the second step requires the account holder to link the BVN with his or her bank account(s).
“An individual can enroll for a BVN without necessarily having an existing bank account. Such individual can then submit the acquired BVN at any bank he/she wishes to open an account,” the CBN said.
It further explained that linking BVN to bank accounts is now a one-stop-shop which enables account holders to register and link their BVN to their accounts in one location irrespective of the banks in which they have their accounts. “All these are aimed at making the process as seamless as possible,” the CBN added.
The apex bank noted that the BVN is neither a payment instrument nor an account number and therefore cannot be used to access any account by unauthorised users.