THE Central Bank of Nigeria, CBN, has extended the Bank Verification Number, BVN enrolment for Microfinance banks and Other Financial Institutions customers to December 31, 2017.
Mrs. Tokunbo Martins, Director, Other Financial Institutions Supervision Department, announced the extension in a statement issued last week, saying the apex bank extended the deadline after appeals from various banking bodies.
Mrs Tokunbo said: “As you are aware, the deadline expired July 31, 2017 and consequently several OFIs are in breach of this regulatory directive. However, due to the conscientious efforts noted, the CBN is disposed to acceding to the appeals received from the Financial Inclusion Secretariat, the National Association of Microfinance Banks (NAMB) and members of Mortgage Bankers’ Association of Nigeria (MB AN) 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 management’s decision
“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.” she said.
