Fidelity bank banner Camano banner
BVN: 32m accounts yet to enroll, says CBN

By News Express on 26/09/2015

Views: 2,050


The Central Bank of Nigeria (CBN) has said that 32 million active bank accounts have yet to be enrolled on the Biometric Verification Number (BVN) by September.

In a statement in Abuja on Friday, CBN Director, Corporate Communications, Mu'azu Ibrahim said CBN was concerned by the number of account owners yet to enrol, considering that the exercise would end by Oct. 31.

The News Agency of Nigeria (NAN) recalls that CBN in collaboration with all banks in Nigeria on Feb. 14, 2014, launched the BVN, which is a centralised biometric identification system for the banking industry.

It aims at addressing issues of identity theft and fraud and will help to discover blacklisted customers, reduce queues in banking halls and standardise efficiency of banking operations.

The CBN also said the BVN would encourage banks to grant loans to Micro, Small and Medium Enterprises (MSMEs) and students in the country.

“One of the most potent arguments advanced by banks for not extending enough credit to prospective credit customers in Nigeria has been the absence of credible identity system.

“Thus, it was agreed that the scheme would make access to credit easier for low income earners in the society.”

The CBN had initially put the deadline of BVN registration at June 30 but postponed it to Oct. 31 because of low enrolment.

According to the statement, after 18 month of the exercise, empirical evidence shows that a good number of bank customers are reluctant and have not taken the exercise seriously.

“The emerging statistical trend of the BVN registration exercise shows that there are about 52 million active bank accounts in various banks.

“Out of this, total enrolment stands at about 20 million, out of which about 14 million accounts have been found linked to the BVN as at September, 2015.

“The question now is whether bank customers have been taking advantage of the extension to complete their BVN registration and also ensure that their various bank accounts have been linked to the BVN.”

The statement revealed that after the initial rush from June ending to July, there had been a steady decline in new BVN enrolment figures for August and September.

It stated that the development indicated that many bank account holders had continued to show apathy instead of taking advantage of the extension period to complete the registration.

“Bank customers are urged to take advantage of the remaining time to complete the registration.

“This is so as to avoid the commotion and melee experienced at various banking halls in the month of June.

“The CBN has made it clear that there would not be further extension after the October 31, 2015 deadline.”

It said this meant that customers without the BVN-linked accounts might risk being restricted from normal operations of their accounts or access to their bank account balances. (NAN)

•Photo shows CBN Gov. Emefiele

 

Source News Express

Posted 26/09/2015 04:13:16 AM

 


 

CLASSIFIED ADS

 

You may also like...
Imo 2019: Madumere steals show at APC State...

Why I refused to sign Peace Corps Bill...

Messi succeeds Iniesta, named new FC Barcelona captain...

Top 4 places to do business in Nigeria...

Edo Local Govt. pensioners get over N212 million...

Niger Delta youths condemn opposition to relocation of...

Benue Massacre: HURIWA demands Presidential Commission, swift anti-genocide...

Impeach President Buhari now, eminent lawyer tells National...

Mali: Humanitarian situation in the north, hovering between...

Tsunami kills pop band members during live show...

I have no plan to resign —Saraki

Bayelsa threatens to sue FG over $1bn Boko...

 

Latest News APC drags PDP to Police, DSS over alleged illegal access to INEC server Journalist’s daughter escapes from kidnappers’ den APC won’t share power with PDP — Oshiomhole Renowned poet, Gabriel Okara, dies at 97 Buhari receives report on implementation of N30,000 Minimum Wage Hamonise minimum wage for quick assent, TUC tells NASS Court to hear AAC’s suit on Rivers election March 28 Obi celebrates Tambuwal, Ortom’s re-election •Prays INEC to declare Bala Mohammed Bauchi Governor-elect without further delay Five-year-old kidnapped in Delta rescued in Nasarawa Ortom’s victory: Better days ahead for Benue — Lawmaker Nigerians react as singer Waje plans to quit music NAPTIP raids motel, arrests suspects in Abuja

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (462,255 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (411,056 views) Shameless Genevieve Nnaji exposes breasts in public (347,271 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (297,875 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (262,165 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (236,843 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (223,050 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (204,774 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (193,246 views) 10 cars more expensive than Jets (178,733 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (177,164 views) Lagos plane crash: Journalist releases victims’ names (176,132 views)

 

NLNG call for entries

CBN banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,106) Business Verdict (61) Columnists (1,008) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (599) Features (730) Global Business Monitor (327) ICT Monitor (27) International (3,217) Interview (174) Live Commentary (28) Love Matters (153) Maggie's Blog (194) News (44,211) Opinion (1,208) Pidgin (17) Politics (10,356) Religion (963) Sports (1,929) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera