A lot of questions have been raised about CBN’s new Bank Verication Number (BVN) directive and many account holders are still clueless as to what it is about. Here is all you need to know about the new initiative:

1.Your BVN provides you with a unique identity that can be verified across ALL Nigerian Banks (it is not peculiar to one Bank). Therefore, registration in one bankcovers all accounts the individual may hold other banks.

2.The BVN ensures that your bank accounts are protected from unauthorized access.

3.It reduces fraudulent activities on bank accounts.

4.Your BVN is accepted as a means of identification across ALL Nigerian Banks.

5.The deadline for registration is Tuesday, 30th June, 2015.

6. A small temporary registration acknowledgement slip will be issued to you, followed by an email or SMS conveying a similar information.

7. Your bank will not charge you for registering your BVN. It is free.

8.A BVN identification card with a computer chip bearing your embedded personal information will be issued to you for collection at your designated bank branch.

9.BVN registration is for individual account holders for the meantime till further notice.

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