What You Should Know About BVN And The 30th June Deadline

Contrary to the claims by Deposit Money Banks (DMB) that there would be total restriction on accounts without Bank Verification Number (BVN), after the deadline today, the Central Bank of Nigeria (CBN) has clarified that account holders can still have access to cash transactions while the e-banking transactions would be restricted.

The BVN is an initiative of the CBN and the Bankers’ Committee, launched on February 14, 2014. It is a unique identifier for each bank customer across the financial industry, making it possible to build and track customer financial history and activity.
Bank account owners who failed to register for BVN before June 30th, can still register for it after the deadline. The implication is that account holders who does not have the BVN will have restricted access to online banking platform, pending when they get registered and acquire the BVN.