BVN exercise ends today, things you need to know about the BVN after today.

The Bank Verification Number (BVN) exercise ends today
people.

Sadly, many Nigerians are yet to partake in the exercise and
worse still Ibrahim Muazu, the director, corporate
communications department, Central Bank of Nigeria, says the
deadline will not be extended.

The director, Corporate Communications, CBN, Ibrahim Mu’azu,
in a chat with Leadership, said that the window was open for
one and a half years and customers had ample opportunity to
register.

According to him, as at the last check over 14 million bank
customers have already registered.

The greatest fear on the minds of Nigerians that are yet to
carry out the exercise, is that they will lose access to their
accounts but fear not, you won’t!

Muazu has assured that even without the BVN, bank customers
will still have access to their accounts, he however listed out
three implications the implications of not enrolling for the
exercise.
1. Services/facilities (internet/mobile banking, loans etc)
will have some restrictions
2. Transactions valued at N100,000,000.00 (One hundred
million Naira) and above will only be allowed for
customers with BVN
3. Loan applications will be rejected.
In case you didn’t know, the bank verification number was
introduced majorly to solve identity management challenges in
the banking sector.

The bank verification number gives every bank customer a
unique identity across the banking industry, since it has a
centralised biometric identification system which can be used
for every identification and verification at Point of Banking
Operations.

Here are some benefits of having a bank verification number:
1. Your Bank Accounts are protected from unauthorized
access
2. Your BVN gives you a unique identity that can be verified
across the Nigerian Banking Industry (it is not peculiar to
one Bank)
3. Your BVN is accepted as a means of identification across
ALL Nigerian Banks
4. Its cuts down fraudulent activities on bank accounts
5. Gives easy access to Banking operations

If you don’t know how to get your Bank Verification Number
BVN, just walk into any bank of your choice to make enquiries
and get it done today.