Central Bank of Nigeria gives OFIs new BVN deadline

The Central Bank of Nigeria (CBN) has extended the deadline for registration into the Bank Verification Number (BVN) project for Other Financial Institutions (OFIs) to December 31, 2017.

The apex bank had turned its focus to capturing the biometrics of customers of OFIs, after completing the process in commercial banks, in continuation of efforts to unify banking system operations and ensure proper identification for all banked Nigerians.

The decision was the result of appeal by the sub-sector operators and stakeholders, made up of the Fianancial Inclusion Secretariat, National Association of Microfinance Banks and Mortgage Bankers Association of Nigeria, as well as assessed efforts on their part to comply.

In a statement signed by the Director of OFIs’ Supervision Department at CBN, Mrs. Tokunbo Martins, warned that there may not be further considerations after the new deadline and customers without BVN would no longer be entitled to withdrawals.

She also tasked OFIs to utilise appropriate Know-Your-Customer requirements, sustain progress reports to CBN, sensitise customers on the need to comply and continue to display the notice in the banking halls.



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