RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

CBN clarifies BVN expiration date claims.

Rate Captain by Rate Captain
May 12, 2023
in Banking, financial services
Reading Time: 2 mins read
A A
0
CBN clarifies BVN expiration date claims.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Central Bank of Nigeria (CBN) has released a statement clarifying that the Bank Verification Number (BVN) is for life, after reports claimed that the BVN had a ten-year validity period. The BVN is a biometric identification system designed to capture and store the biometric data of bank customers. This system makes it easier for banks to identify and verify their customers. The CBN introduced the BVN in 2014 to enhance the security of electronic banking in Nigeria.

In a statement signed by the CBN’s spokesperson, Isa Abdulmumin, the apex bank said that reports suggesting that the BVN expires after ten years are incorrect. According to the statement, once a customer’s biometrics have been captured and enrolled in the database of the Nigeria Inter-Bank Settlement System (NIBSS), the BVN remains valid for life.

AlsoRead

Ecobank Group Reports Impressive 59% Growth in Gross Earnings to N1.21tn

NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

CBN Issues New Directive to Banks Following Supreme Court Ruling on Old Naira Notes

The statement went on to clarify that while the BVN has no expiry date, customers can only change their records due to certain conditions spelt out in the regulatory framework for BVN issued by the CBN in 2021. The CBN further noted that such changes must be cleared by relevant authorities.

The clarification by the CBN comes amid reports that some bank customers have been receiving text messages from their banks, asking them to update their BVN details or risk being barred from accessing banking services. The CBN statement appears to have put an end to such concerns, reassuring bank customers that their BVN remains valid for life.

The BVN has become an important tool for enhancing the security of electronic banking in Nigeria. It has helped to curb cases of identity theft, fraud, and other forms of financial crimes in the country. The system has also made it easier for banks to verify the identity of their customers, reducing the risk of money laundering and other illicit activities.

The CBN’s clarification on the validity of the BVN is expected to provide further assurance to bank customers, especially those who may have been worried about the expiry of their BVN. The apex bank has urged customers to continue to protect their BVN and avoid sharing their personal information with unauthorized persons.

Tags: bank customersBank Verification Numberbiometric identification systemBVNCBNCentral Bank of Nigeriaelectronic bankingfinancial crimesfraudidentity theftillicit activitiesmoney launderingNIBSSNigeria Inter-Bank Settlement Systemregulatory frameworkrelevant authoritiessecurity.
Previous Post

Mastercard, PayPal and Robinhood dive deeper into crypto industry.

Next Post

ECOWAS Member Countries Agree to Fund Proposed Central Bank of West Africa with $187 Million

Related News

Ecobank Group Reports Impressive 59% Growth in Gross Earnings to N1.21tn

Ecobank Group Reports Impressive 59% Growth in Gross Earnings to N1.21tn

by Stephen Akudike
December 1, 2023
0

In a recently released Audited Consolidated Financial Statements, Ecobank Group has showcased remarkable growth, reporting a 59% increase in gross...

NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

by Stephen Akudike
November 30, 2023
0

The Nigeria Deposit Insurance Corporation (NDIC) is set to embark on a robust campaign to recover a staggering N400 billion...

CBN Issues New Directive to Banks Following Supreme Court Ruling on Old Naira Notes

CBN Issues New Directive to Banks Following Supreme Court Ruling on Old Naira Notes

by Stephen Akudike
November 30, 2023
0

In response to the recent Supreme Court ruling validating the use of old N200, N500, and N1,000 notes, the Central...

NDIC Pursues N400 Billion Debt Recovery from Failed Banks

NDIC Pursues N400 Billion Debt Recovery from Failed Banks

by Stephen Akudike
November 30, 2023
0

In a bid to address the significant challenge of debt recovery in the Nigerian banking sector, the Nigeria Deposit Insurance...

Next Post
ECOWAS Member Countries Agree to Fund Proposed Central Bank of West Africa with $187 Million

ECOWAS Member Countries Agree to Fund Proposed Central Bank of West Africa with $187 Million

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira Faces Fresh Challenges as It Surpasses N1,160 Against Dollar

Naira Experiences Marginal Decline at Official Market, Intraday High Hits N1,137.

December 1, 2023
NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

December 1, 2023

Popular Story

  • CBN Issues New Directive to Banks Following Supreme Court Ruling on Old Naira Notes

    CBN Issues New Directive to Banks Following Supreme Court Ruling on Old Naira Notes

    0 shares
    Share 0 Tweet 0
  • Standard Chartered Bank Job Opening: Data Analyst

    0 shares
    Share 0 Tweet 0
  • NDIC Pursues N400 Billion Debt Recovery from Failed Banks

    0 shares
    Share 0 Tweet 0
  • Bitcoin Surpasses $38,000 Mark: Here’s Why

    0 shares
    Share 0 Tweet 0
  • NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>