BVN Deadline: Over 60.2 million Nigerians Now Registered – NIBSS Data

By Chris Udochukwu Approximately twenty-one days to the expiration of the Central Bank of Nigeria’s (CBN) deadline for all bank customers to have Biometric Verification Number (BVN), the Nigerian Interbank Settlement System (NIBSS), registration data showed that over 60.2 million Nigerians now have a BVN. This represents an increase of over 2.6 percent from 58.7 million BVN registrations as of September 12 2023 before the apex bank’s directive. Precise Post recalls that in December 1st, 2023,  CBN directed commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, through a circular that the BVN or National Identification Number, (NIN), attached to all accounts/wallets must be electronically revalidated by January 31, 2024. The circular said that effective March 1, 2024, all funded accounts or wallets without BVN or NIN shall be placed on ‘Post No Debit or Credit’ and no further transactions would be permitted. According to NIBSS electronic payment factsheet for 2021, the number of bank accounts in the country was 191.4 million, of which 57.9 million were inactive.  According to Enhancing Financial Innovation and Access (EFInA) …

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Expert urges CBN to ease BVN registration

LAGOS- The Chief Executive Officer of Arvofinance, Mr Ayotunde Bally, has urged the Central Bank of Nigeria (CBN) to to simplify Bank Verification Number (BVN) registration and make it more accessible for people in rural areas. Bally gave the advice in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos. He spoke on the background of the recent plans by the Central Bank of Nigeria (CBN) to freeze bank accounts without BVN or National Identity Number (NIN) by April 2024. The apex bank’s initiative is to enhance financial inclusion and strengthen Know Your Customer (KYC) procedures in the financial system. Arvofinance is a fintech company that provides online loans to consumers without collateral and guarantors. The CEO urged regulatory bodies to  partner with post offices or private organisations that have a wide reach for a more inclusive and accessible approach to BVN registration. He also proposed exploring digital solutions to streamline the registration process to make it more convenient. “Closing all accounts without BVN is a big deal, causing two major headaches. Individuals without a registered …

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CBN speaks on ‘BVN expiry date’

The Central Bank of Nigeria has clarified that Bank Verification Number, BVN, has no expiry date contrary to claims making the round. The apex bank’s explanation came amid speculations that the BVN has a ten years lifespan. Debunking the claims on Wednesday, the CBN acting Director Corporate Communications Department, Dr Isa AbdulMumin, said “Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.” He explained that the Regulatory Framework for BVN issued by CBN in 2021 requires that customers can update their records on the conditions spelt out in the document. According to him, Nigerians captured on BVN should not panic but continue using their unique identifiers. In perspective, CBN, with the Nigeria Inter Bank Settlement System (NIBSS), launched the BVN project on 14th February, 2014, to capture the identity of all banks’ customers. According to Godwin Emefiele in a recent engagement, Nigerians with BVN rose to 57 million.

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Publish Names, BVN Of Forex Defaulters – CBN Orders Banks

By Our Reporter Abuja – The Central Bank of Nigeria (CBN) has directed all banks to publish names of customers who try to break the rules on Forex acquisition on their website. The CBN on Monday, August 30th issued a circular (BSD/DIR/PUB/LAB/14/059) to all banks lamenting that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel”. Some of the unwholesome practices, the CBN said: “include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA”. Haruna B. Mustafa Director Banking Supervision Department of the CBN, who signed the circular, noted: “this trend, if not curbed, portends risk to the integrity and stability of the forex market”. To curb this threat, he ordered all banks “to publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two (weeks) as stipulated in the customer declaration form signed …

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FG Releases Funds For Payment Of Stipends To 774,000 Participants Of SPW Programme – Keyamo

By Chris Udochukwu Abuja (Precise Post) – The federal government has directed the release of the funds for the payment of stipends to the 774,000 participants of the SPW programme. Minister of State for Labour, Festus Keyamo announced this on Saturday in a statement released via his twitter handle account. Keyamo who intimated that the participants should begin to receive payments soon, said he has directed the NDE to commence the processing of the payments. He however warned that those who registered with different names shouldn’t expect payments as every payment to participants would be made using the BVN of their accounts. The statement reads: “President Muhammadu Buhari has graciously directed a release of the funds for the payment of stipends to the 774,000 participants of the SPW programme. I have consequently directed the NDE to begin processing the payments and participants should begin to receive payments soon. “In order to eliminate fraud and/or double payments, I have also directed that every payment to participants should be made using the BVN of their accounts so we can have an audit …

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CACOL Chairman Explains How TSA, BVN, NFIU, Others Would Have Prevented Abacha Loot

….Says AU, UN didn’t do enough to stop transfer of funds Abuja (Precise Post) – Chairman of Centre for Anti-corruption and Open Leadership, CACOL, Mr Debo Adeniran has stated that Treasury Single Account (TSA), Bank Verification Number (BVN) and others would have made it difficult for Abacha to loot the kind of money he looted in his days. Adeniran noted that Abacha wouldn’t have acted in isolation in moving the loots without help from some government officials. “There were several compromises of the integrity of some of the officials of the government that ought to have stopped the stealing. As soon as the Accountant General knows that the contract for which money was being earmarked is not likely to be executed, he ought not to have done any requisition that could be taken to the Auditor General to check and ensure that proper channels were followed before the money was requested for. “And if the Auditor General didn’t sanction it, it was not likely that Abacha would have access to it because Abacha was actually not a signatory to any …

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