Why CBN extended BVN registration deadline

The CBN has extended its BVN registration exercise from June 30th to October 31, 2015.
The CBN in a circular claimed it extended the deadline because it has elicited tremendous interest from the Nigerian bank customers who crowded the banking halls in order to beat the deadline.
The CBN however failed to admit the pains and inconvenience it had subjected a lot of Nigerians to and giving the impression that the exercise will end June 30, even though it perhaps new it was going to extend it.
The BVN, a central bank initiative, which was launched in February 2014, is being supported by the bankers’ committee.
The CBN claimed the exercise is aimed at protecting bank customers and further strengthening the Nigerian banking system.
It was among other things, introduced to address safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the industry.
The BVN is a unique number that enables one person to have a single identity in the banking system. It basically ensures that a customer’s identity is not stolen.
A customer is only expected to register at one bank, irrespective of the number of accounts he has.
CBN Circular

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