BVN – The Commerce Africa https://thecommerceafrica.com African Reneissance Wed, 10 May 2023 21:39:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 BVN is for Life- CBN https://thecommerceafrica.com/bvn-is-for-life-cbn/ https://thecommerceafrica.com/bvn-is-for-life-cbn/#respond Wed, 10 May 2023 21:39:32 +0000 https://thecommerceafrica.com/?p=13528 The Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued in Nigeria remains for life and has no expiry date, as reported by a national newspaper.

Its Acting-Director, Corporate Communications, Alhaji Isa Abdulmumin, said this in a statement on Wednesday.

According to Abdulmumin, the claim is completely false.

He, therefore, bank customers to be guided.

“The attention of the Central Bank of Nigeria has been drawn to reports suggesting that the Bank Verification Number issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.

Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date.

“Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.

“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.

“Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime,” he said.

Recall that the BVN is an 11 digit number that acts as an individual’s universal ID in all banks in Nigeri

It ensures a customer can engage securely in transactions at any Point of Banking operations.

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BVN Will Soon Be Replaced With NIN, Says Pantami https://thecommerceafrica.com/bvn-will-soon-be-replaced-with-nin-says-pantami/ https://thecommerceafrica.com/bvn-will-soon-be-replaced-with-nin-says-pantami/#respond Tue, 09 Feb 2021 06:37:37 +0000 http://thecommerceafrica.com/?p=3252 The Minister of Communications and Digital Economy Dr Isa Pantami, has disclosed that the Federal Government was working towards replacing the Bank Verification Numbers, BVN, with the National Identity Numbers, NIN.

Mr Pantami made the disclosure during a tour of telecoms operators and NIN licensees in Abuja.

According to him, President Muhammadu Buhari has been briefed on the on-going NIN registrations and was happy with the conduct of the exercise so far.

Mr Pantami said: “I made a presentation to National Economic Sustainability Committee and I drew the attention of CBN Governor that we need to replace BVN with NIN because the BVN is a bank policy while NIN is a law.

“Because it has been established by law so the strength of the law wherever you go is not the same with a policy of one institution.

“Also, BVN is only applicable to those who have bank accounts but NIN is for every citizen and legal residents in the country. BVN is our secondary database while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC.”

Responding to challenges encountered by those with the BVN data trying to upgrade with NIN data, Mr Pantami said: “The challenge is that the BVN records may not be 100 percent the same with NIN but what is most important is that the NIN is the primary identity of each and every citizen, including legal residents.

“BVN is a policy of a bank and has not been established by law, NIN is the only mandatory number and the primary identification of our citizens and every other identification is secondary.

“The NIMC Act 2007 provides that all our citizens must be enrolled and the law gives them 60 days to enroll from the time the law was enacted and a maximum of 180 days and all permanent residents in the country and legal residents that have to stay here for a minimum of 24 months must be enrolled.

“So this is the primary identification of all and all other databases are supposed to utilize this and not for NIN to utilize the BVN because it is the primary one.

“We discussed with the CBN Governor today on how to ensure that all our citizens with BVN will immediately be provided with the NIN. We are working on that but facilitating the process lies on CBN to make it much easier for our people.”

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Nigerian Banks to Recapture Customers’ Identity https://thecommerceafrica.com/nigerian-banks-to-recapture-customers-identity/ https://thecommerceafrica.com/nigerian-banks-to-recapture-customers-identity/#respond Fri, 18 Sep 2020 07:26:06 +0000 http://thecommerceafrica.com/?p=1971 Despite the existing Voters’ Card, Bank Verification Number and National Identification Number, the Federal Government has asked all persons holding accounts across financial institutions, including insurance firms, to fill and submit Self-Certification Forms.

The Nigerian government made this known in a series of tweets on Thursday.

It threatened to block access to defaulters’ accounts or impose a monetary penalty.

The tweets read, “This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019

“The self-certification form is in 3 categories: Form for Entity, for Controlling Person (Individuals having controlling interest in a legal person, trustee, etc), form for individual.

“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account. For more enquiries, visit FIRS’ website.”

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