In a notable development, the Central Bank of Nigeria (CBN) has affirmed that the Bank Verification Number (BVN) allotted to customers will remain valid for a lifetime
This implies that once a customer’s biometric data has been captured and enrolled in the Nigeria Inter-Bank Settlement System (NIBSS) database, their BVN will remain a constant identifier despite the passage of time.
The BVN is an important initiative introduced by the CBN to curb fraud in the Nigerian banking industry.
It involves capturing the fingerprints and facial features of customers and creating a unique identifier that can be used across all banking transactions.
Through this process, customers can be identified accurately, and duplicated accounts and identity theft can be curbed.
The decision to make BVNs valid for life is significant as it prevents the discomfort and inconvenience associated with undergoing the biometric data capture process multiple times.
It also eliminates the bureaucratic process customers used to have to undergo when their BVN had expired or needed renewal.
In the past, banks would require customers to come over to register for a new BVN after the previous one had expired, a tiresome, and time-consuming process, that had to be repeated for each expired BVN.
With this announcement by the CBN, customers can now heave a sigh of relief as they will never need to undergo such hassles again.
This development highlights the Nigerian government’s commitment to ensuring that customers in the banking sector can transact and conduct businesses with ease.
The move has also been applauded as it promotes the financial inclusion agenda and eases the process of doing business in the country.
In conclusion, by making BVNs valid for life, the CBN has shown its dedication to promoting a safe, sound, and stable banking industry in Nigeria.
With this new development, customers can operate their bank accounts without restrictions or time constraints, as their BVN is a permanent and valid identifier that remains a constant throughout their banking journey.
