Frozen Bank Accounts As BVN Ends

The current fate of some peoples bank accounts as the Central Bank of Nigeria (CBN) ruled out another
extension of the deadline for the Bank Verification Number (BVN), which
expired last Friday has mounted tension among account owner who failed to meet up the deadline.

The apex bank, through the Bankers’ Committee and Nigeria Interbank
Settlement System (NIBSS), introduced the BVN project in February 2014,
targeted at ensuring unique identity for all bank customers and other
users of financial services in the country.

Before the expiration of the initial 18 months deadline, more than 85
per cent of bank customers were reluctant to register. But towards the
end of the ultimatum, the rush to register led to commotion and stampede
in banking halls across the country. That confusion necessitated the
call for the extension of the registration period by four months to
October 30.

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