Contrary to reports making the rounds that the 11-digit unique number has a span of 10 years, the Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued to account holders has no expiry date.
“Once a customer biometrics is captured and registered in the database of the Nigeria Inter-Bank Settlement System (NIBSS), the BVN remains for life,” the Director, Corporate Communications Department of the apex bank, Isa Abdulmumin, said in a statement.
He, however, said customers can make changes to their record in accordance with the regulatory guideline for BVN issued by the CBN in 2021, after getting clearance from relevant authorities.
It stated: “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.
“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.”
Author
Leave a comment