CBN frowns At Nigerians BVN Delay

In spite of the Central Bank directives and Series of deadlines upon deadlines, some Nigerians are yet to do their biometrics registration number(BVN) even when they have active accounts in their respective banks as 32 million active accounts are yet to enrolled. 

Speaking on Friday in Abuja, the CBN Director, Corporate Commission Mu'azu ibrahim expressed his fears and worries towards this trend considering the latest deadline mark by Oct.31 

It would be recall that the CBN in agreement with all banks initiated this exercise sometime ago in Feb this year as it aim according to the Central Bank was to check mate theft, fraud and some other pending issue for bank operators begging for attention as it would also encourage banks in granting loans to small, medium and even students alike.

“One of the most potent arguments advanced by banks for not extending enough credit to prospective credit customers in Nigeria has been the absence of credible identity system.

“Thus, it was agreed that the scheme would make access to credit easier for low income earners in the society,’’ the Apex bank said.

“The emerging statistical trend of the BVN registration exercise shows that there are about 52 million active bank accounts in various banks.

“Out of this, total enrolment stands at about 20 million, out of which about 14 million accounts have been found linked to the BVN as at September, 2015.

“The question now is whether bank customers have been taking advantage of the extension to complete their BVN registration and also ensure that their various bank accounts have been linked to the BVN,’’ it stated.

“Bank customers are urged to take advantage of the remaining time to complete the registration.

“This is so as to avoid the commotion and melee experienced at various banking halls in the month of June.

“The CBN has made it clear that there would not be further extension after the October 31, 2015 deadline,’’ the statement said.

Seemingly, it is in the best interest of bank customers to get their biometrics enrolled to their accounts as failure to do so might prevent their normal transactions at their various banks.