Central Bank Nigeria

The Central Bank of Nigeria (CBN) yesterday ruled out any extension of the October 31 deadline for customers to register for their Bank Verification Number (BVN).

It urged those yet to be captured to do so before the deadline expires in six days.

The BVN which had been on for over six months initially ended on July 30 but was extended by additional three months following calls from many customers who could not register within the period

Appealing to those not yet captured under the scheme to ensure they don?t miss out on the re-scheduled deadline, the apex bank said there is no need for people to wait until the last day before going for the registration

Deputy Director, Consumer Protection Department at the CBN, Hajia Khadija Kasim, addressing stakeholders at a one-day sensitisation fair in Ibadan said the BVN, with the cashless policy, will go a long way to help the apex bank and other banks in the country to tackle the issue of money laundering in the country.

?The initial deadline was June 30th before we extended it to end of October. By now we expect all Nigerians to go before the expiration date and get their Bank Verification Number. Please Nigerians, come out and ensure that within the few days left for the registration, you are registered for the exercise,? she said .

Explaining how the cashless policy and biometric registration will help check money laundering and fraudulent transactions in the banking sector, the deputy director assured that the two policies which goes hand-in-hand will help make the identity of money launderers and fraud perpetrators easier to nab

She said: ?You will see some inter-relationship between our cashless policy and the need for us to have our bio-metrics. When you are now registered as a bank customer and your details are there, it will be very difficult for somebody to use that account for any fraudulent activities.

?So, if any fraudulent activity takes place there, we will be able to trace the owner of the account. The situation where we have faceless people carrying out money laundering or fraudulent transactions will be reduced to the barest minimal.?

Commending the cashless policy which has gone full scale all over the country, the deputy director said people are now getting enlightened on the need not to carry cash about by using electronic platforms to do their business transactions anywhere within and around the country.

She said: ?We started the cashless policy in areas that have large volume of money transaction but now it has been extended to cover the whole country and our people are now getting better enlightened by the day.?

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