Contrary to several opinions suggesting that Bank Verification Number (BVN) has an expiration date, the Central Bank of Nigeria (CBN) has made some clarifications.
CBN’s spokesman, Dr. Isa AbdulMumin, said in a statement obtained by TechEconomy that “The attention of the CBN has been drawn to reports suggesting that the BVN issued by the bank in collaboration with the Nigeria Inter-Bank Settlement System, NIBSS, expires after ten years.
“Contrary to these claims, 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.
However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelled out in the document and after being cleared by relevant authorities.
“Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime. “Be guided accordingly.”
