Business

BVN registration is free, says CBN

Published

9 years ago

June 19, 2017

By Chioma Obinagwam

The Central Bank of Nigeria (CBN) has reiterated that Bank Verification Number (BVN) registration is free for all bank customers, including microfinance banks.

The CBN emphasized while reacting to the complaints from some quarters that microfinance banks customers were charged for BVN registration.

“One key issue that came up today was the issue of customers of microfinance banks, who do not yet have their BVN registered.

Some feedbacks that we had at the committee is that some banks charge such customers when they try to register BVN.”

“So, the bankers’ committee decided today that microfinance banks can walk into any bank and register their BVN free of charge. That is so we don’t discourage people from being financially included. So, registration in banks by customers of microfinance banks is now free in every bank you go to.”

The Bank Verification Number commonly called BVN is a biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria.