The Central Bank of Nigeria (CBN) has debunked reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a 10-year period.
The bank in a statement issued by Isa AbdulMumin, the Acting Director, Corporate Communications, on Wednesday, said contrary to these claims, the BVN issued in Nigeria has no expiry date.
The bank said “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.”
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