The Central Bank of Nigeria (CBN) has spoken concerning reports about the expiry date of the Bank Verification Number (BVN).
Some previous reports had suggested that the BVN expires after a ten-year lifespan.
However, CBN’s spokesperson, Dr Isa AbdulMumin debunked the claims in a recent statement, adding that BVN issued in Nigeria was valid indefinitely and has no expiry date.
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AbdulMumin stated that a customer can alter his or her record when it was necessary.
The apex bank’s representative, therefore urged the public to disregard any information about the biometric identification system introduced to curb fraud and ensure that all bank accounts were linked to a unique identification number tied to an individual’s biometric data.
He warned that the BVN remained a vital instrument for financial transactions in the country.
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He said:
“The attention of the CBN has been drawn to reports suggesting that the BVN 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.
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“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.”
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