BVN

Bank customers who do not have their Biometric Verification Number (BVN) would be excluded from enjoying banking services from Wednesday, July 1, 2015. Philip Oduoza, Managing Director, United Bank for Africa Plc confirmed that only about 12.5 million bank customers have been registered since the exercise began. The registration exercise, which began in February 2014, will end tomorrow, June 30.

“In the area of BVN, we have done 12.5 million customers and this is a substantial mileage. There is still a need to close the gap before the deadline of June 30 and any customer that hasn’t done so will not enjoy banking services. So, we are urging customers to enroll so that they will continue to enjoy unhindered banking services.”

Banking services that would be denied those who are yet to get their BVNs include access to credit, foreign exchange transactions with banks and conducting Internet banking services.

It is not yet certain if the Central Bank of Nigeria would extend the deadline to enable more Nigerians to enroll in the exercise. But, Ade Shonubi, Managing Director, Nigeria Interbank Settlement System Plc, the organisation driving the biometric registration process, had said that deadline extension would not be contemplated.

The BVN project will help the banks to identify their customers through their fingerprints. Each bank customer’s fingerprint is linked to their unique number. It is meant to help check fraud in the banking system, boost retail or consumer credit, and also enhance economic growth.

By Dike Onwuamaeze

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