It is 10 days to the October 31, 2015 deadline set by the Central Bank of Nigeria (CBN) for all banks customers to have concluded their enrolment for the Bank Verification Number (BVN) registration exercise, but it appears many bank customers in the country are yet to comply with that simple directive.
As at last month, only 20 million out of about 52 million active accounts owned by adults and children in various banks across the country have been enrolled for the BVN, data from the Nigerian Inter-Bank Settlement System (NIBSS) indicated.
The implication of this is that at the same period, About 32 million bank customers were yet to obtain their BVN, even though those who may not meet the deadline stand the chance of having access to their accounts restricted.
The Bankers’ Committee which met early this month reviewed the BVN project and noted that the October 31 deadline was sacrosanct.
“We do not want what happened the last time where there was a rush towards the end of the first deadline. We wanted to make sure that we continue to send the press materials so the people can come and do the Bank Verification Number because there will be no extension of deadline and once that deadline passes, you will not be able to operate that account,” Jibril Aku, managing director, Ecobank Nigeria, said while addressing the media after the meeting.
He explained that some facilities had been made available for smooth registration of Nigerians in Diaspora. “If they go to branch of any Nigerian bank in their jurisdiction, they can do the verification there. We also have a consultant who is assisting for those who may not have an embassy. From the embassy or any Nigerian bank branch, they can do it for free but the consultant will assist for a fee,” he said.
Dipo Fatokun, CBN director, Banking and Payments System Department, who spoke in Lagos at the Finance Correspondents Association of Nigeria (FICAN) Bi-Monthly Forum, said, “Your account will not be accessible to you if do not register for BVN.”
Nigerians, specifically bank customers, usually wake up to comply with directives that will affect their finances when it is last minute to the deadline. That time, they scramble to the banks as if such policy or directive was issued the same day.
This was what happened on June 30, 2015 when the first deadline given for the BVN enrolment expired. There was last-minute rush to register which led to long queues in the banking halls while a lot of people requested for an extension of deadline.
The BVN 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.
The CBN had last year issued a directive to all banks to ensure that their customers register for BVN before June 30th, 2015, but further extended it to October 31, 2015, so as to protect all e-banking transactions from fraudulent attacks.
HOPE MOSES-ASHIKE
