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BVN enrollment: CBN extends exercise to October 31, 2015

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The Central Bank of Nigeria (CBN) this afternoon extended the Bank Verification Number (BVN) exercise to October 31, 2015, ITRealms reports.

The four month’s extension came on the heels of the clamour by bank customers across the country for extension following the expiration of the deadline for the exercise on June 30.

Some of the customers, ITRealms gathered had complained that the process was too slow due to internet connectivity problems and appealed to the CBN to push the exercise further up in order to ensure no customer is disenfranchised in the verification.

However, contrary to the claims by Deposit Money Banks (DMB) that there would be total restriction on accounts without Bank Verification Number (BVN), after the deadline today, the CBN has clarified that account holders can still have access to cash transactions while the e-banking transactions would be restricted.

The BVN, ITRealms learnt is an initiative of the CBN and the Bankers’ Committee, launched on February 14, 2014.  It is a unique identifier for each bank customer across the financial industry, making it possible to build and track customer financial history and activity.

Cyriacus Nnaji /GEE

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