The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN) issued in the country has no expiry date.
The clarification is against the backdrop of recent reports suggesting that the 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,” the CBN noted in a statement signed by Isa AbdulMumin, the bank’s acting director, corporate communications.
“Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
The BVN – a modern security measure is a biometric identification system implemented by the CBN to curb fraud in banking transactions in the country.
The BVN or Bank verification number is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual.
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The system works by recording fingerprints and a facial photograph of the client.
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.
The CBN therefore urged 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.
