The Bank Verification Number (BVN) issued in Nigeria has no expiration date, as the Central Bank of Nigeria (CBN) has stated once more.
This explanation was provided by the bank in response to information that the Bank Verification Number issued by the bank in conjunction with the Nigeria Inter-Bank Settlement System (NIBSS) expires after ten years.
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A statement signed by Isa AbdulMumin, Ag. Director, Corporate Communications CBN on Wednesday noted that 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 spelt 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.
