BVN: 7 Things You Should Know About Bank Verification Number

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As from today July 1, restrictions will be placed on the accounts of bank
customers who haven’t registered for the BVN.

The deadline for the Bank Verification Number (BVN) registration in
Nigeria ended yesterday, June 30, 2015 but was Extended to October
31st.

As from today July 1, restrictions will be placed on the accounts of bank
customers who haven’t registered for the BVN.

Here are 7 things you should know about the BVN:

1. The BVN is an initiative of the Central Bank of Nigeria (CBN).

2. It was launched in February 2014.

3. It is a unique number that enables one person to have a single identity
in the banking system

4. It is aimed at protecting bank customers from identity theft.

5. It wills serve the purpose of strengthening the Nigerian banking
system.

6. A customer is only expected to register at one bank, irrespective of the
number of accounts he has.

7. Customers will still be able to access cash after the BVN deadline ends
but online transactions will be restricted.

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