The Central Bank of Nigeria (CBN) on Wednesday debunked insinuations going on in social media that Bank Verification Number (BVN) issued to bank customers in Nigeria has expiry date, saying that those sending the wrong message are totally ill-informed.
The apex bank, in a statement issued by its Director, Corporate Communications, Dr. Isa AdulMumin, maintained that the BVN had no expiry date.
He clarified: “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 10-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”, the spokesman added.
According to him, 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.
The Director urged bank customers, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.
The BVN is an 11-digit number that acts as an individual’s universal ID in all banks in Nigeria and ensures security of transactions by bank customers across all channels.
