The Central Bank of Nigeria, CBN,
has said that with effect from January 1, 2018, all customers without Bank
Verification Number, BVN, linked to their account should no longer be entitled
to debit operations.
CBN also extended the BVN
enrolment for Microfinance Banks and other financial institutions to December
31, 2017.
Director, Financial Institutions
Supervision Department, Mrs. Tokunbo Martins, in a statement, said the bank extended
the deadline after appeals from various bodies.
Martins said: “As you are aware,
the deadline expired July 31, 2017 and consequently several OFIs are in breach
of this regulatory directive.
“However, due to the conscientious efforts noted, the CBN is disposed to acceding to the appeals received from the Financial Inclusion Secretariat, the National Association of Microfinance Banks (NAMB) and members of Mortgage Bankers’ Association of Nigeria (MBAN) soliciting for a shift in the deadline to support better compliance and avoid further financial exclusion.
“The various challenges encountered in the early stage of deployment of the joint CBN/NIBSS support to members of NAMB have also informed management’s decision
“In this regard, management has approved an extension of the timeline to December 31, 2017, to enable all OFIs continue with the BVN enrolment exercise and report progress.”
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