Deadline for bank accounts without BVN elapses today

The deadline for customers of Microfinance Banks (MfBs) and Other Financial Institutions (OFIs) without  Bank Verification Number (BVN) linked to  their accounts has elapsed today, January 1,2018.

If the directive by the Central Bank of Nigeria (CBN) earlier in the year is anything to go by, such customers will be unable to make withdrawals from their accounts henceforth.

The BVN enrolment is a brainchild of the apex bank and the Bankers’ Committee, a body of banks’ managing directors and the CBN.

This is coming as the initial deadline set for July 31, this year was  extended. The new directive indicated that by December 31, 2017, all customers of financial institutions operating in the country are expected to have had their BVN.

The CBN, again, assured Nigerians that the BVN is geared towards financial system stability, while ensuring Deposit Money Banks (DMBs) customers are identified and known, so as to prevent those that will use the banking system as a platform to carryout illegal activities.