The timeline for Nigerian bank customers in the Diaspora to enroll for their Bank Verification Numbers (BVN) has been extended by the Central Bank of Nigeria (CBN) to January 31, 2016.
The CBN in a statement on Monday in Abuja, by its Director, Corporate Communications, Mr Ibrahim Mu’azu, explained that the extension was to enable the customers in Diaspora to complete the enrollment as well as link the BVN to their respective accounts.
According to the statement, the extension was only for customers in the Diaspora. It also advised Deposit Money Banks (DMBs) to ensure that the exemption was utilised by the targeted group only.
The statement read, “The CBN has also expressed satisfaction with the progress made in the implementation of the BVN project, especially for accounts operated by residents of Nigeria.
“However, with the expiration of the Oct. 31 enrollment deadline, the CBN has directed that bank accounts of Nigeria residents without the BVN would henceforth be operated as `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.”
In the statement, the CBN clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated.
It therefore advised the deposit money banks to educate their customers accordingly.
It stated that banks must remind their customers of the need to link their BVN with their accounts if they had done the enrollment at another bank.
The CBN had issued a statement that any customer without the BVN by Oct. 31, would be deemed to have inadequate Know Your Customer requirements.