The BVN exercise, which was supposed to end in June 30 this year, was extended to ensure that all Nigerian bank customers in the Diaspora are enrolled.
In a circular to all banks, CBN Director, Banking and Payments System Department, Dipo Fatokun, said the extension followed observations by the CBN showing the low percentage of registration of Nigeria banks’ customers in the Diaspora.
He said the extension may be attributed to lack of accessibility to registration centres and unavailability of registration centres in some cities where Nigerian population is high.
Fatokun, in a statement, said: “From January 2017, all Nigerian bank customers in the Diaspora should have the BVN attached to their accounts. Any bank customer without the BVN will be deemed to have inadequate Know Your Customer and such account will be operated as a ‘no customer initiated debit until the BVN registration is done.”
The CBN also appointed Avante International Technology Inc. to join OIS and VFS in the registration of Nigerian bank customers in the Disapora.
The CBN chief also said the regulator would deploy more registration centres in locations with high Nigerian population. He urged Nigeria banks’ customers in the Diaspora to seize the opportunity of the extension to register and link their BVN to their bank accounts.
