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32m account holders yet to register for BVM


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). In a statement in Abuja weekend, Alhaji Mu’azu Ibrahim, CBN Director, Corporate Communications, said CBN was concerned by the number of account owners yet to enrol, considering that the exercise would end by October 31.
Customers besiege banks as BVN registration deadlines expires
CBN in collaboration with all banks in Nigeria on February 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 Apex bank said.
The CBN had initially put the deadline of BVN registration at June 30 but postponed it to Oct. 31 because of low enrolment.

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