The Bank Verification Number project, which started in February 2014, will formally close on Tuesday, June 30, 2015.
Deposit Money Banks will on Wednesday start to deny about 14.6 million customers from enjoying banking services over their failure to obtain BVN.
The Bankers’ Committee, which comprises of the CBN, bank CEOs and a few other stakeholders, had given June 30, 2015 as the deadline for the clientele to do their biometric registration and obtain their BVNs.
Nevertheless, as of June 11, 2015, the committee made known that only 14 million customers had been registered under the BVN project.
Going by the present statistics from the Enhancing Financial Innovation and Access, an organisation dedicated to deepening financial inclusion in Nigeria, only about 28.6 million adults in the country have bank accounts.
The BVN project will aid banks to identify their customers through their fingerprints. Each bank customer’s fingerprint is linked to their unique number.
The BVN is to help enhance economic growth, check fraud in the banking system and also boost retail or consumer credit.
Mr. Phillips Oduoza, Managing Director, United Bank for Africa Plc confirmed that only about 12.5 million bank customers had been registered since the exercise began. He disclosed this at the Bankers’ Committee meeting in Abuja about three weeks ago.
While calling on those who had yet to register for the BVN to do so before the expiration of the June 30 deadline, he affirmed that customers who failed to do so would not be able to enjoy banking services.
Oduoza had said, “We also discussed the electronic banking space. In the area of BVN, we have done 12.5 million customers and this is a substantial mileage. There is still a need to close the gap before the deadline of June 30 and any customer that hasn’t done so will not enjoy banking services.
“So, we are urging customers to enrol so that they will continue to enjoy unhindered banking services.”
He also disclosed that by the end of this month, those who are yet to get their BVNs would not have access to credit, enjoy foreign exchange and conduct Internet banking services.