Business

CBN: BVN has no expiry date

The Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued in the country has no expiry date, as reported by a national newspaper.

The CBN Acting Director, Corporate Communications, Isa Abdulmumin, made this known via a statement issued on Wednesday, May 10.

BVN is an 11-digit number that acts as an individual’s universal ID in all banks in Nigeria.

It ensures a customer can engage securely in transactions at any point of banking operations.

Abdulmumin noted that the claim that BVN has an expiry date was false, urging bank customers to reject the report.

The CBN director said: “The attention of the Central Bank of Nigeria has been drawn to reports suggesting that the Bank Verification Number 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.

“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.

“Therefore, we urge 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.”

The Star