Regulatory Alerts2017-04-21 | OFI/DIR/CIR/GEN/17/139Added · Updated
Bank Verification Number (BVN) Enrollment for OFIs Customers
The Central Bank of Nigeria (CBN) has extended the Bank Verification Number (BVN) enrollment to all customers of other financial institutions (OFIs), including those in rural areas, as part of its effort to address the lack of a unique identifier in the Nigerian banking industry. OFIs are required to enroll their customers by July 31, 2017 and ensure that all new customers have BVN. From August 1, 2017, any customer without a linked BVN will not be allowed to make withdrawals from their accounts. The CBN will monitor compliance and sanction defaulters accordingly.
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