The Central Bank of Nigeria (CBN) on Wednesday clarified that the Bank Verification Number (BVN) issued to commercial bank customers in Nigeria has no expiry date.
The bank made the clarification in reaction to reports on social media suggesting that the BVN issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a 10-year period.
A statement signed by Isa AbdulMumin, Acting Director, Corporate Communications at CBN noted that 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,” it stated.
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,” the CBN stated.
