BVN does not expire, CBN clarifies
The Central Bank of Nigeria has stated that the Bank Verification Number it issues in collaboration with the Nigeria Inter-Bank Settlement System does not have an expiration date.
On Wednesday night, the apex bank revealed this in a document signed by its Acting Director, Corporate Communication, Isa AbdulMumin.
The bank stated that the suggestion that the BVN expires after ten years is incorrect.
“Contrary to these claims, we would like to state unequivocally that the BVN issued in Nigeria has no expiry date.” Once a customer’s biometrics have been captured and enrolled in the NIBSS database, the BVN is permanent.”
According to the document, “the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records under certain conditions spelt out in the document and after being cleared by relevant authorities.”
The CBN warned bank customers to be cautious of unverified news from dubious sources.
“As a result, we urge bank customers in the country, particularly those whose biometrics have been captured by the system, to continue using their unique identifiers as they will last their entire lifetime,” the statement said.
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The statement was made in response to a viral video alerting Nigerians to the need to revalidate their BVN after ten years.
Following the launch of the BVN programme in 2014, the video circulating on WhatsApp stated that most Nigerian depositors would need to update their BVNs next year.
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