CBN: The Whole Truth About BVN

                       picture credit: Barr. Odirachukwumma Stanley Emejulu ... you can follow him up on his facebook page (LEGAL Aide) for all the legal questions you want to ask

The deadline for BVN registration has been extended. check the new date here

(WHAT CBN SAID

Contrary to the claims by Deposit Money Banks (DMB) that there would be total restriction on accounts without Bank Verification Number (BVN), after the deadline today, the Central Bank of Nigeria (CBN) has clarified that account holders can still have access to cash transactions while the e-banking transactions would be restricted.

Therefore, the essence of the BVN registration is to protect all e-banking transactions from fraudulent attacks. There had been claims that 62 million bank accounts may face restriction for failure to register. Reacting to this, Ibrahim Muazu, director, corporate communications department, CBN, said this was an exaggeration. “A person requires only one BVN linked to all his accounts in any number of banks”, he said in chat with BusinessDay.
“Without BVN, you still have access to your cash but services/facilities (internet/mobile banking, loans etc) will have some restrictions”, Muazu said further.

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- credit: BUSINESSDAY