Scam Alert: CBN cautions customers against fraudsters, clarifies BVN does not expire

*The Central Bank of Nigeria explains that once a bank customer’s biometrics have been captured and enrolled in the database of the Nigeria Inter-Bank Settlement System, the Bank Verification Number remains for life

Isola Moses | ConsumerConnect

As part of the banking sector regulator’s consumer protection and education initiatives, the Central Bank of Nigeria (CBN) has clarified the Bank Verification Number (BVN), which the Bank issues in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) has no expiring date.

Dr. Abdulmumin Isa, Acting Director of Corporate Communications Department at CBN, in a statement, noted the clarification became necessary in view of the scammers’ misleading claims in the public space, alleging that it would expire after a 10-year period.

Isa stated: “Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date.”

The CBN Spokesman also stressed that once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.

He further noted: “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.”

The Bank added: “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.

“Be guided accordingly.”

On benefits of BVNs in financial ecosystem

ConsumerConnect had reported the banking sector regulator, a recent forum in Calabar, Cross River State capital, disclosed how its BVN initiative had helped to track fraudulent individuals and corporate organisations for engaging in forgery, compromise, complicity, fraudulent duplicate enrolment and related infractions in the Nigerian financial sector

The CBN as well restated the strategic importance of centralising all customers’ Bank Verification Numbers in the country’s financial ecosystem.

Speaking at the 34th Finance Correspondents and Business Editors’ seminar in Calabar, with the theme: “Implementing a Robust Payment Architecture: Prospects, Opportunities and Challenges,” Musa Jimoh Director of Payment Systems Management at CBN, said the BVN initiative had enabled the Bank to track fraudulent individuals and corporate entities, who have engaged in forgery, compromise, complicity, fraudulent duplicate enrolment and any fraudulent infractions with and without monetary value.

Kindly Share This Story