CBN Extends BVN Registration Deadline To Accommodates Bank Customers.

The Central Bank of Nigeria (CBN) is planning to extend the Bank Verification Number (BVN) registration

 The CBN’s planned extension is aimed at accommodating customers of other financial institutions.  Customers of micro finance banks, primary mortgage institutions, among others The CBN has concluded plans to extend the BVN registration deadline in order to accommodate customers of micro finance banks, primary mortgage institutions, among others.

 Bank customers who besieged bank during the rush for BVN registration The CBN’s director, banking and payment systems department, Dipo Fatokun disclosed this to journalists in Lagos recently, New Telegraph reports.

 According to Fatokun, the CBN was considering having the customers of such other financial institutions enroll for the BVN through deposit money banks, because of the high cost of procuring the machines. His words: “We also expected that many of the other financial institutions customers, who already have their BVNs will supply the data to their banks, while others without BVN will register afresh. “I want to assure you that the BVN has assisted us a lot in the banking system.

 It has assisted us to check frauds, and we are working on a framework, that will enable us if not to blacklist customers, because of some legal implications, but at least to watch-list a customer that is identified to have been fraudulent, or have done what he is not supposed to do across the banking sector.” The number of Bank Verification Number linked to customers’ accounts as at August 23 2016 was 36.7 million, while the total number of individual customers in the banks was reported as 59.9 million as at the same date. Meanwhile, Nigeria now has its first online bank. The digital bank named Lidya, will be based in Lagos with no other branches.

 The bank will offer small and medium-sized businesses unsecured loans of between $500 and $15,000.