In a video that has now gone viral, a Facebook user, Abdulhameed Deen, alleged that Bank Verification Number (BVN) issued by the Central Bank of Nigeria (CBN) has a 10-year validity period after which it will expire.
Titled “Your BVN Expires”, Deen alleged that bank customers will have to visit their different branches to re-enroll for the BVN after 10 years.
He claimed he was out to sensitise citizens as a lot of BVNs would expire next year.
“So for those in Diaspora and in Nigeria should be getting ready in 2024 which is 10 years from when the BVN started…for those of you that did yours in 2015 or 2016, then it will expire in 2025 or 2026 just like that,” the Facebook user said.
BVN was initiated by the CBN and bankers committee as part of measures to fight financial fraud in the banking system. The apex bank while introducing the policy said the number will be tied to a customers’ account and cannot be transferable. The CBN added that the number will last for a lifetime.
The CBN, however, noted that bank customers can only change information on the BVN after presenting supporting documents from relevant agencies.
To counter the false narrative, the apex bank in a statement signed by its acting director of corporate communications, Dr. Isa Abdulmumin, asked Nigerians to ignore the misleading claim.
“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.”
Checks by Daily Trust show that the CBN in collaboration with the Bankers Committee, in an effort to have a unified information for bank customers, deployed a centralized Bank Verification System and launched BVN in February, 2014.
This is part of the overall strategy of ensuring effectiveness of the Know Your Customer (KYC) principles, and the promotion of a safe, reliable and efficient payments system. The BVN gives a unique identity across the banking Industry to each customer of Nigerian banks.
The framework also outlines the establishment and operations of a Watch-list for the Nigerian Banking Industry, to address the increasing incidences of frauds, with a view to engendering public confidence in the banking industry.
Conclusion: Following verification by Daily Trust, it is ascertained that Bank verification numbers do not have export dates, as such, the claim by the Facebook user is False.