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

By News Express on 26/09/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,900


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

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Today’s weather forecast, by the Nigerian Meteorological Agency...

The trouble with Nigeria — Saraki

Trump ignites trouble over Jerusalem

Ozubulu massacre: Tension in court as witness tells...

AITEO redeems $202m debt to NNPC

Aborted flight: Aero pilot acted according to standard...

Max Air joins Nigerian domestic market

Herdsmen Attack: Police deploy SARS to Plateau, Nasarawa...

BJ FC makes history, becomes youngest ever FA...

2019: Bayelsa trains NYSC members on violence-free elections...

10,000 Nigerians die in vain bid to enter...

Sports Ministry denies asking athletes to buy air...

 

Latest News MASSOB vs IPOB: Uwazuruike opposes Nnamdi Kanu, tells Igbos to vote in 2019 Fayose takes ‘stomach infrastructure’ to EFCC’s custody, feeds 150 detainees Disregard for rule of law worst corruption than stealing of public funds — US envoy Obi, Umahi meet in Abakaliki Oshiomhole has become a cancer to APC and must go — Coalition of 2019 APC Presidential Aspirants Job scam: I sold my commercial bus to raise N600,000 — Witness tells court National Assembly has helped save Nigeria from collapse — Speaker Dogara Resume or Resign Protest: Court orders police to pay Charly Boy N50m Norway unfolds plan to issue visa to more Nigerians Imo APC supporters protest alleged imposition of candidates FG’s Visa-on-Arrival policy boosting tourism — Minister PDP queries Buhari’s protection of suspended NHIS boss

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (409,014 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,596 views) Shameless Genevieve Nnaji exposes breasts in public (316,027 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (259,345 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (238,459 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (225,002 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,879 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (186,293 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (171,174 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,390 views) Lagos plane crash: Journalist releases victims’ names (162,063 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,751 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (70) Business & Economy (3,703) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (561) Features (660) Global Business Monitor (305) International (2,566) Interview (165) Live Commentary (28) Love Matters (145) News (39,841) Opinion (1,127) Pidgin (13) Politics (7,354) Religion (885) Sports (1,740) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement