The Saturday, October 31, 2015, Central Bank of Nigeria (CBN) deadline for Bank Verification Number (BVN) registration has elapsed. But that, however, has not stopped the exercise as earlier expected by some Nigerians who couldn’t meet the deadline.
Those that, perhaps, have lost the hope of retaining their accounts after October 31, 2015, now have the opportunity to retain them as registration still continues, simultaneously with updating.
The banks ENCOMIUM Weekly spoke to on this confirmed that many customers had complied, and now it’s more of updating than enrolling…
Diamond Bank (Oregun)
Without the Bank Verification Number (BVN), the customer loses access to the account. You can only make deposits, but can’t withdraw from the account, until you register or link your BVN from another bank, if the customer has registered.
A customer who our correspondent spoke with at the bank has an intriguing story; in his words, “I registered for my BVN in Nasarawa at a GTbank branch, after which I went to a Diamond Bank branch to link it. So, coming to Lagos and try making withdrawal on my account with my card and I got an “account declined” error message. I went into the bank to complain and explained everything to them; but they said I should fill the BVN form again and re-register”.
Union Bank (Oregun)
The situation is similar to that of other banks, which is that those who have not registered their BVN do not have access to withdrawals from the account – be it cheque or cash. However, they can make deposits into the account through all the means available. This is pending when the customer does his/her BVN registration; only then would he/she have full access to the account.
Zenith Bank (Ogba)
Compliance level is very high. Now, it’s more of updating than enrolling. The turnout of customers in the last few days has been very encouraging.
Wema Bank (Abule Egba)
Some customers besieged this place last week to meet the deadline. What we’re doing right now is largely updating. Although, some are still enrolling, they are not as many as those updating theirs.
At Diamond. Bank, a large number of people were in the banking hall, but they were orderly and a lot of them were there for the updating of their Bank Verification Numbers (BVN). Very few people were just getting theirs done.
The bank also seemed to manage the situation very well and make sure people were attended to on a first come first serve basis.
Guarantee Trust Bank
GTBank also seemed to manage the situation well, there were very few people in the banking hall as a lot of people had actually done the BVN.
They were able to use a beautiful and stress free way to help those who hadn’t updated their BVN.
GTBank made provision for people to update their BVN via Automated Teller Machines (ATM). Instead of going into the banking hall to update your BVN, all one had to do was simply go to a GTBank ATM and look for the BVN option.
A lot of people have done their BVN though there were complaints by some customers that they have done their BVN, took it to their banks but access to their account has been restricted.
The compliance level was high. People who have not registered their BVN had their account frozen until they registered it. Most people have done their BVN, what is left for them is to register it at the bank they use.