The Central Bank of Nigeria (CBN) has debunked reports that the Bank Verification Number (BVN) issued by the Bank in Nigeria has a ten-year lifespan.
Nigerian Anchor reports that the CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), issued the BVN.
According to a press release issued by the Ag. Director, Corporate Communications, Isa AbdulMumin PhD, “the BVN remains for life.”
It urged bank customers in the country to continue using their unique identifiers as they last their entire lifetime
“The attention of the Central Bank of Nigeria (CBN) has been drawn to 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 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.
“Be guided accordingly,” the statement read.
The BVN is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual.
To own and operate a banking account in Nigeria, you must first have a bank verification number.
