2017-08-03 | OFI/DIR/CIR/GEN/18/011

Bank Verification Number (BVN) Enrollment for OFIs Customers - Extension of Timeline to December 31, 2017.

The Central Bank of Nigeria has extended the deadline for the enrollment of customers on the Bank Verification Number (BVN) platform to December 31, 2017. This decision was made due to appeals from financial inclusion stakeholders and challenges faced by members of National Association of Microfinance Banks. Financial Institutions are required to continue submitting monthly progress reports and display notices in the banking hall regarding BVN enrollment. As of January 1, 2018, all customers without a linked BVN will no longer be entitled to debit operations. Compliance with this circular will be monitored by the Central Bank of Nigeria, with non-compliant institutions facing appropriate sanctions.

Nigeria

Central Bank of Nigeria

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