BVN Registration Deadline Approaches: Why You Should Get Your BVN Now

The Bank Verification Number, BVN, is an initiative of the Central Bank of Nigeria to give every customer in the Nigerian banking system a unique identification number that can be verified across all banks in Nigeria. Despite the many advantages, many Nigerians are yet to get their BVN and the deadline is fast approaching; in fact barely a week away. If you are one of those reluctant to get a BVN or you are still skeptical about the process or the benefits, here are 6 things you should know about the BVN: 1. Biometric enrolment is helpful to people who cannot read and write. Their finger prints and pictures would serve the same purpose as signatures. 2. Multiple account holders would be covered with a single registration in any of the banks where they have accounts. 3. BVN will help the banking system reduce situations where loan defaulters, for instance, move from one bank to the other and the banks extend new credits to them, without knowing their history. Banks would be able to track transactions across all banks in Nigeria with more ease. 4. It will improve national financial intelligence gathering. 5. It will strengthen the security of banking transactions and ensure that fraudulent transactions are eliminated or at least reduced to the barest minimum. 6. It is compulsory for all bank users in Nigeria! The BVN is in our national best interest and bank customers without a BVN will not be allowed to perform bank transactions after the deadline, so hurry because registration must be completed on or before June 30, 2015.  

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This article was first published on 25th June 2015

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