CBN Shifts Deadline For BVN Enrolment By MFBs, PMIs To Dec. 31

The Central Bank of Nigeria (CBN) has directed that “with the effect from January 1, 2018, all customers without BVN linked to their account should no longer be entitled to debit operations.”
This means customers of banks classified as Other Financial Institutions (OFIs) like Microfinance Bank (MFBs) and Primary Mortgage Institutions (PMIs) who have not been enrolled in the BVN platform can no longer make withdrawals from their bank accounts after December 31, 2017.
Extending the deadline from July 31, 2017, the CBN in letter with reference: OFI/DIR/CIR/GEN/18/011, and signed by Mrs ‘Tokunbo Martins, its Director, Other Financial Institutions Supervision Department (OFIS), noted that whereas several Other Financial Institutions (OFIs) are in breach of the regulatory deadline, conscientious efforts being made by them to remedy the situation.
The letter titled: “The Bank Verification Number (BVN) enrolment for OFI customers- Extension of timeline to December 31, 2017,” dated August 1, 2017 and addressed to the MFBs and PMIs said the apex bank is favourably disposed to acceding to appeals received from the Financial Inclusion Secretariat, the National Association of Microfinance Banks (NAMB) and members of the Mortgage Bankers’ Association of Nigeria (MBAN) to ensure better compliance and avoid further financial exclusion.
Extension of the deadline, the CBN added, would enable the Other Financial Institutions continue the BVN enrolment, while presenting monthly progress report until December 31, 2017, as a result of appeals for an extension.
Consequently, the CBN has directed them to ensure all customers are enrolled on the BVN platform with the aid of appropriate Know-Your-Customer requirement.
They must also continue with submission of progress reports on the BVN enrolment on a monthly basis, while continuing with display of notices in their banking hall to further sensitive customers on BVN amongst other channels.