Hot Updates and Education Portal: CBN

BVN Registeration Is Yet to……

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In a statement in Abuja on Friday, CBN Director, Corporate 
Communications, Mu’azu Ibrahim, said CBN was concerned by the number of 
account owners yet to enrol, considering that the exercise would end by 
October 31.The Central Bank of Nigeria has said 32 million active bank accounts 
have yet to be enrolled on the Biometric Verification Number by 
September.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 News Agency of Nigeria recalls that CBN in collaboration
 with all banks in Nigeria on February 14, 2014, inaugurated the BVN, 
which is a centralised biometric identification system for the banking 
industry.The CBN also said the BVN would encourage banks to grant loans to 
Micro, Small and Medium Enterprises 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 October 31 because of low enrollment.According to the statement, after 18 month of the exercise, empirical
 evidence shows that a good number of bank customers are reluctant and 
have not taken the exercise seriously.The CBN added, “The emerging statistical trend of the BVN 
registration exercise shows that there are about 52 million active bank 
accounts in various banks.“Out of this, total enrollment stands at about 20 million, out of 
which about 14 million accounts have been found linked to the BVN as of 
September, 2015.“The question now is whether bank customers have been taking 
advantage of the extension to complete their BVN registration and also 
ensure that their various bank accounts have been linked to the BVN.”The statement revealed that after the initial rush from June ending 
to July, there had been a steady decline in new BVN enrollment figures 
for August and September.