Contrary to the claims by Deposit Money Banks (DMB) that there would be total restriction on accounts without Bank Verification Number (BVN) after the deadline today, the Central Bank of Nigeria (CBN) has given more details on the implication of not having a BVN, clarifying that account holders can still have access to cash transactions while the e-banking transactions would be restricted.
The Apex bank has said there would be no extension of deadline and that enough time has been given to customers to enroll for the BVN.
There had been claims that 62 million bank accounts may face restriction for failure to register. Reacting to this, Ibrahim Muazu, director, corporate communications department, CBN, said this was an exaggeration. He noted that many individuals and corporate organizations do have more than one account and some in two deposit money banks, for example current, savings, domiciliary among others.
“Without BVN, you still have access to your cash but services/facilities (internet/mobile banking, loans etc) will have some restrictions”, Muazu said further.
Currently, only about 14 million out of about 76 million bank accounts have so far complied.
