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HomeBankingBVN: CBN extends deadline to December for MFBs, others

BVN: CBN extends deadline to December for MFBs, others

The Central Bank of Nigeria (CBN) has extended the deadline for Micro-Finance Banks (MFBs) and Other Financial Institutions (OFIs) in the country to ensure that they enrol their customers on the Bank Verification Number (BVN) platform to December 31st 2017. In a circular posted on its website yesterday, signed by the Director, OFI Supervisions Department, Mrs. Tokunbo Martins, the CBN said the decision to extend the deadline which was initially July 31, was as a result of appeals received from the Financial Inclusion Secretariat, the National Association of Microfinance Banks (NAMB) and members of Mortgage Bankers Association of Nigeria(MBAN).

The Apex Bank stated that the organisations requested for a shift in the deadline: “to support better compliance and avoid financial exclusion”, adding that: “the various challenges encountered in the early stages deployment of the joint CBN/Nigeria Interbank Settlement Systems(NIBSS) support to members of NAMB have also informed management’s decision.”

It directed the OFIs to ensure that: “With effect from January 1, 2018, all customers without BVN linked to their account should no longer be entitled to debit operations.” In addition, it directed the OFIs to continue with the display of notices in the banking hall to further sensitise customers on BVN among other channels. The CBN had in a circular issued on April 23 this year directed MFBs, mortgage banks and all other OFIs, to enroll their customers for BVN before July 31, 2017.

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