The CBN clarifies that BVN does not expire
The Central Bank of Nigeria (CBN) has said that the Bank Verification Number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System does not have an expiry date.
The apex bank revealed this in a document signed by its Acting Director, Corporate Communication, Isa AbdulMumin, on Wednesday night.
The bank said the insinuation that the BVN expires after 10 years of issuance is incorrect.
“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, however, said based on “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”.
The CBN urged bank customers to be wary of unverified news from questionable sources.
“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,” it said.
The statement was a response to a trending video alerting Nigerians to the need to revalidate their BVN after 10 years of issuance. With the BVN programme taking off in 2014, the video circulating on WhatsApp said most Nigerian depositors would need to update their BVNs next year.
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