The Central Bank of Nigeria (CBN) has extended the timeline of BVN enrolment for Other Financial Institutions (OFIs) to December 31, 2017.
In a letter to financial institutions, the apex bank said it is disposed to acceding to the appeals received from Financial Inclusion Secretariat, the National Association of Microfinance Banks and members of Mortgage Bankers’ Association of Nigeria 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, the circular stated.
“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.”
The CBN also directed them 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.
The circulated also reminded the banks that the CBN will continue to monitor compliance with the requirements of this circular, and defaulters will be sanctioned accordingly.
Recall that the initially deadline expired on July 31, but with the new extended timeline, with effect from January 1st 2018, all customers without BVN linked to their account should no longer be entitled to debit operations.