The Central Bank of Nigeria (CBN) has addressed misconceptions surrounding the Bank Verification Number (BVN).
CBN clarified that the BVN issued in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) does not have an expiry date.
In a statement released on its official Twitter page, the apex bank dismissed rumors suggesting that the BVN becomes invalid after a ten-year period.
The BVN is an 11-digit unique identifier assigned to individuals that remain consistent across all banking institutions in Nigeria. It is a prerequisite for owning and operating a banking account in the country, serving as a vital tool for enhancing the security and efficiency of financial transactions.
The statement, signed by Isa Abdulmumin, the CBN spokesperson, affirmed the perpetual validity of BVNs and emphasized that once a customer’s biometric information has been captured and enrolled in the NIBSS database, the BVN remains valid throughout their lifetime.
The statement read, “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.
“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelled out in the document and after being cleared by relevant authorities.”
With this official clarification from the CBN, bank customers, particularly those whose biometric information has already been captured by the system, are urged to continue utilizing their BVNs as unique identifiers throughout their lifetime.
The BVN system has played a crucial role in strengthening the Nigerian banking sector’s security framework and preventing fraudulent activities. The CBN’s commitment to maintaining the lifelong validity of BVNs underscores its dedication to ensuring the integrity and reliability of financial transactions across the country.
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