7 things you should know about Bank Verification Number

As from July 1, restrictions will be placed on the accounts of bank customers who haven’t registered for the BVN.

The deadline for the Bank Verification Number (BVN) registration in Nigeria ends today, June 30, 2015.

As from July 1, restrictions will be placed on the accounts of bank customers who haven’t registered for the BVN.

Here are 7 things you should know about the BVN:

1. The BVN is an initiative of the Central Bank of Nigeria (CBN).
2. It was launched in February 2014.
3. It is a unique number that enables one person to have a single identity in the banking system
4. It is aimed at protecting bank customers from identity theft.
5. It wills serve the purpose of strengthening the Nigerian banking system.
6. A customer is only expected to register at one bank, irrespective of the number of accounts he has.
7. Customers will still be able to access cash after the BVN deadline ends but online transactions will be restricted.