Have you seen this video about your Bank Verification Number (BVN)? You will surely conclude that it is well illuminated with the information dished out by the person in it.
Have you also joined or encouraged so many other people to go ahead and share the content of this video?
Well, then you may just have been a part of those carrying fake news around about the Bank Verification Number (BVN) and making what is not true popular.
You may need to be careful, because the CBN has debunked the assertions that the BVN issued by the CBN in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) does not expire.
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Here’s The Truth
Reacting to the rumours, CBN’s acting Director, Corporate Communication, Isa Abdulmumin, assured Nigerians on Wednesday, that the BVN issued in Nigeria remains for life and has no expiry date.
According to Isa, “the attention of CBN has been drawn to reports suggesting
that the BVN issued by the Bank in collaboration with the NIBSS expires after a ten-year period”.
He said: “We wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life”.
Continue Using Your BVN Without Fear
However, Isa explained that 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.
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He, therefore, urged bank customers in Nigeria, especially those whose biometrics have been captured by the system, to continue using their unique identifiers, as they last their entire lifetime.
The BVN, 11-digit number, acts as an individual’s universal ID in all banks in Nigeria. It ensures a customer can engage securely in transactions at any point of banking operations.
Now you know you do not have to believe everything you see online. People love to trend and generate views which converts to money.
As such, they do a lot to get hold of your eyes and mind.
