As part of the Central Bank of Nigeria’s cashless policy, it aims to capture data and check fraud in the banking system by giving every bank customer a unique identification number that can be verified across all banks in the country.
Meaning, any customer who is unable to obtain a BVN after today will not be able to operate his/her account again.
Bear in mind, the CBN in collaboration with the Bankers’ Committee had introduced the BVN on February 14, 2014, an initiative aimed at ensuring unique identity for all bank customers and other users of financial services in the country.
At the expiration of the initial estimated 18 months after the launch, a good number of bank customers were reluctant in registering, which led to commotion and stampede in banking halls across the country towards the end of the previous deadline. That confusion necessitated the call for the extension of the registration dateline by four months to October 31.
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