No BVN? You Can't Operate Your Accounts From June 1 – Banks Insist

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Central-Bank-of-Nigeria-CBN

Ahead of the the Central Bank of Nigeria’s (CBN) June 31 deadline for customers to register for their Bank Verification Number (BVN), many banks will from today, June 1, restrict their unregistered customers from using their accounts, Leadership reported

The BVN is an initiative aimed at protecting bank customers and further strengthening the Nigerian banking system. It is an initiative of the CBN, in conjunction with the Bankers’ Committee, meant to address the safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the industry.

While some banks have placed restrictions on transfers from accounts without the BVN, some others have restricted the use of e-channels, Automated Teller Machines (ATMs) and over the counter withdrawals on accounts without the BVN.

The Central Bank of Nigeria had in October given a December 31, 2014, deadline for all credit customers to have the BVNs.

One of the banks in an email to customers stated that “Effective June 1, 2015, please note that you will not be able to transact with your card internationally at the ATM, POS or online without your Bank Verification Number.”

One of the banks in an email to customers stated that “Effective June 1, 2015, please note that you will not be able to transact with your card internationally at the ATM, POS or online without your Bank Verification Number.”

Another bank stated that “In line with the Central Bank of Nigeria’s directive to ensure that all bank accounts are BVN compliant with effect from Monday, June 1, 2015, we are constrained to inform you that Third Party transfers (including Instant Payments, RTGS and Foreign Currency Transfers) can no longer be conducted on your accounts with us (via any of our channels) until your BVN registration is concluded.”

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