RegAlertRule · CBN · 9 Aug 2016 · BPS/DIR/CIR/01/012
Circular on Further Extension of BVN for Nigerian Banks' Customers in Diaspora
In August 2015, Nigeria's Central Bank introduced the BVN project for all Nigerian bank customers. They provided guidelines for enrolling individuals in diaspora and initially extended the deadline to January 31, 2016, due to low registration rates. The deadline was then further extended to June 30, 2016. To improve participation, new consultants were engaged alongside existing ones. As a result, a five-month extension until December 31, 2016, is now provided for Nigerian bank customers in diaspora to enroll in the BVN project. From January 1, 2017, any account without a BVN will be considered as "NO CUSTOMER INITIATED DEBIT" accounts until a BVN is attached to it.
CENTRAL BANK OF NIGERIA
Central Business District P.M.B. 0187, Garki, Abuja.
+234 - 0946238445 BANKING AND PAYMENTS SYSTEM DEPARTMENT BPS/DPD/GEN/CIR/01/002 July 29, 2016 To: All Deposit Money Banks / General Public FURTHER EXTENSION OF BVN FOR NIGERIAN BANKS' CUSTOMERS IN DIASPORA You will recall that, as part of its efforts towards ensuring full implementation of the BVN Project, the Central Bank of Nigeria released the guidelines for the enrolment of Nigerian banks' customers in diaspora in August, 2015. This move was to ensure that the Nigerlan banks' customers in diaspora were carried along on the BVN project. In order to fully realize this objective, the Bank issued a Circular, extending the deadline for the registration of the Nigerian banks' customers in diaspora to January 31, 2016. A survey at the end of January 2016, revealed a very low percentage of registration and the exercise was further extended to 30th June, 2016.
The Bank observed the need to expand the geographical spread of registration centres, therefore, a new consultant, Avante International Technology Inc. was engaged to join OIS and VFS in the registration of Nigerian bank customers in diaspora. The combined effort of the Consultants and some Nigerian banks abroad has greatly accelerated the enrolment of this category of banks' customers.
Consequently, to ensure that all Nigerian bank customers in diaspora are enrolled, the BVN enrolment for Nigerian banks' customers in Diaspora is hereby reopened for the next five (5) months, that is, 1ª August to 31ª December 2016.
Please note that from 1* January 2017, all Nigerian bank customers in diaspora should have the BVN attached to their accounts. Any bank customer without the BVN will be deemed to have "Inadequate KYC" and such an account will be operated as a "NO CUSTOMER INITIATED DEBIT" account, until the account holder obtains and attaches a BVN to the account.
Please be guided and ensure strict compliance.
'Dipo Fatokun Director, Banking & Payments System Department
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Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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