Contrary to the claims on some social media that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period, the Central Bank of Nigeria (CBN) has said that the number issued in Nigeria has no expiry date.
The CBN made the clarification on Wednesday in a statement signed and made available to the media by its Acting Director, Corporate Communications, Dr. Isa AbdulMumin PhD.
The apex bank affirmed that once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.
“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life,” CBN clarified.
AbdulMumin however explained that a customer can change the BVN issued by the CBN in 2021 can due to certain conditions spelt out in the document and after being cleared by relevant authorities.
“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities,” he explained.
The CBN therefore urged bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.
Be guided accordingly.
