BVN: CBN Won’t Extend October 31 Deadline

The Central Bank of Nigeria (CBN) yesterday ruled out any
extension of the October 31 deadline for customers to
register for their Bank Verification Number (BVN).
It urged those yet to be captured to do so before the
deadline expires in six days.
The BVN which had been on for over six months initially
ended on July 30 but was extended by additional three
months following calls from many customers who could
not register within the period.

Appealing to those not yet captured under the scheme to
ensure they don’t miss out on the re-scheduled deadline,
the apex bank said there is no need for people to wait until
the last day before going for the registration
Deputy Director, Consumer Protection Department at the
CBN, Hajia Khadija Kasim, addressing stakeholders at a
one-day sensitisation fair in Ibadan said the BVN, with the
cashless policy, will go a long way to help the apex bank
and other banks in the country to tackle the issue of
money laundering in the country
“The initial deadline was June 30th before we extended it
to end of October. By now we expect all Nigerians to go
before the expiration date and get their Bank Verification
Number. Please Nigerians, come out and ensure that
within the few days left for the registration, you are
registered for the exercise,” she said .
Explaining how the cashless policy and biometric
registration will help check money laundering and
fraudulent transactions in the banking sector, the deputy
director assured that the two policies which goes hand-in-
hand will help make the identity of money launderers and
fraud perpetrators easier to nab
She said: “You will see some inter-relationship between our
cashless policy and the need for us to have our bio-
metrics. When you are now registered as a bank customer
and your details are there, it will be very difficult for
somebody to use that account for any fraudulent activities.
“So, if any fraudulent activity takes place there, we will be
able to trace the owner of the account. The situation
where we have faceless people carrying out money
laundering or fraudulent transactions will be reduced to the
barest minimal.”
Commending the cashless policy which has gone full scale
all over the country, the deputy director said people are
now getting enlightened on the need not to carry cash
about by using electronic platforms to do their business
transactions anywhere within and around the country.
She said: “We started the cashless policy in areas that
have large volume of money transaction but now it has
been extended to cover the whole country and our people
are now getting better enlightened by the day.”