CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017

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CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017

Monday, August 07, 2017 9:09AM / CBN

Your attention is drawn to our letter on the above subject referenced: OFI/DIR/CIR/GEN/17/139 dated April 21, 2017 in which all OFIs were required to undertake the following:

Enrol their customers on or before July 31, 2017;

Conspicuously display notices sensitizing customers on BVN in the banking hall

Ensure that all new customers have BVN; and

Forward to Directors, other Financial Institutions Supervision Department the Schedule of customers’ accounts with BVN on August 7, 2017.

The letter also stated that effective from August 1, 2017, all customers without BVN linked to their account should not be allowed to make withdrawal from those accounts.

As you are aware, the deadline expired yesterday, 31st July 2017 and consequently several OFIs are in breach of this regulatory directive.

However, due to the conscientious efforts noted, the CBN is disposed to acceding to the appeals received from the Financial Inclusion Secretariat, the National Association of Microfinance Banks (NAMB) and members of Mortgage Bankers’ Association of Nigeria (MBAN) soliciting for a shift in the deadline to support better compliance and avoid further financial exclusion.

The various challenges encountered in the early stage of deployment of the joint CBN/NIBSS support to members of NAMB have also informed Managements decision.

In this regard, Management has approved an extension of the timeline to December 31, 2017, to enable all OFIs continue with the BVN enrolment exercise and report progress. As earlier directed, OFIs are therefore required to:

Ensure that all customers are enrolled on the BVN platform utilizing appropriate KYC requirement

Continue with the submission of progress reports on BVN enrolment on a monthly basis.

Continue with the display of notices in the banking hall to further sensitize customers on  BVN amongst others channels and

With effect from January 1st 2018, all customers without BVN linked to their account should no longer be entitled to debit operations.

Please note that the Central Bank of Nigeria will continue to monitor compliance with the requirements of this circular, and defaulters will be sanctioned accordingly.

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