Bank Customers Yet To Be BVN Compliant, Thirty-eight Days To Deadline

ABOUT Thirty days to the deadline for account holders in commercial banks to register and collect their Bank Verification Number (BVN), many customers have not done so, despite constant reminder by the deposit banks

All the commercial banks have created a dedicated desk to attend to customers coming for their verification, but some staff dedicated for such task are currently idle, that they are now being deployed to other department, because of the low turn out of customers.

Some of the banks now use their initiative to direct customers to the dedicated desk, after their routine transaction. A visit to many branches of some banks in Lagos last week revealed that most customers are not aware of the deadline for the exercise, believing there was still enough time to do so.

Abike Olaitan, a trader, told The Guardian at First bank in Ikorodu that she was not aware of any ongoing verification exercise and wondered if it is different from the verification that was done about three years ago
“ I received information concerning this verification thing, but I thought it is a continuation of the first one we did two years ago. I thought this one is for those who did not do their verification then. If this is another one, then I will find time to go and do it, since you said the deadline is June.”

Another bank customer at the Fidelity bank in mile 12, also said her bank had sent several reminders, adding that she planned to go for the verification before the end of the month.
“I was there two months ago, but I was not able to wait for my turn, because of the queue. I am not aware of any deadline”.

The Central Bank of Nigeria (CBN) had given June 2015 as the deadline for the collection of the centralised biometric identification system for the banking industry tagged Bank Verification Number (BVN).
As from June, the banks will not have sensitive information about any of its customers who failed to obtain a BVN and as such may be deprived of access to their accounts.

The apex bank also directed banks to only honour transactions over N100million from customers who have done their BVN at the expiration of the deadline. The BVN, an initiative of the CBN and Bankers Committee, is aimed at protecting bank customers from fraudsters. With it, the CBN intended to strengthen the banking system.

It is designed to address the safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the industry.

The initiative was launched on February 14, 2014 to boost financial inclusion of those who have typically stayed away from mainstream banking.

Meanwhile, the apex bank had threatened to deal with any one spending or demanding for foreign currency during any local transaction under section 20(1) of its Act.

A statement from the bank few days ago said it was aware of the “rising trend of currency substitution and dollarization of the economy in recent time,” adding that attitude was condemnable, as the Naira remained the only legal tender in the country.

The statement signed by one K.O. Balogun said offenderS could be liable to six months imprisonment on conviction.
“Please be reminded that Section 15 of the CBN Act 2007 provides that the unit of currency in Nigeria shall be the Naira. Section 20 (1) of the same Act provides that the currency notes issued by the Bank shall be legal tender in Nigeria at their face value for the payment of any amount and Section 20 (5) further provides that a person who refuses to accept the Naira as a means of payment is guilty of an offence and liable on conviction to a fine or six months imprisonment”