BVN: 30 million accounts may be deactivated!

Data from the Central Bank of Nigeria (CBN) showed that the emerging statistical trend of the BVN registration exercise show that out of about 52 million active bank accounts in various banks, only about 20 million customers are registered leaving 30 million accounts in danger of been
deactivated.
The CBN introduced the BVN registration on February 14, 2014 to improve customer service delivery; to create a unique identity for all bank customers and other users of financial services in the country by the use of the customers’ biometrics as means of identification. One of the most potent arguments advanced by banks for not extending enough credit to prospective credit customers in Nigeria has been the absence of credible identity system.

It was estimated that all bank customers would, within a period of 18 months would have been completely enrolled. The enrollment scheme which can be done in all banks across the country is only for accounts opened prior to the Feb 14 date as BVN registration is a mandatory requirement for opening an account now.

There was so much confusion few days to the end of the mandatory 18 months, which was June 30, 2015, there was commotion and stampede in banking halls across the country, as customers were pushing, shoving and climbing on each other in order to beat the deadline for the BVN registration thus the extension of the exercise by the CBN to October 31st, 2015.

The CBN has however expressed concern that bank customers have not taken advantage of the extension to complete their BVN registration, and also ensure that their various bank accounts have been linked to the BVN.
It was also observed that after the initial rush between the end of June and July 2015, there has been a steady decline in new BVN enrollment figures for August and September, 2015.
What is required is for a bank customer to visit any branch of his bank and the desk officer would capture his finger print and a photograph of his face, his signature and demand for a photocopy of either of his driving license, national identity card or international passport of the customer.

The Sun