As part of the overall strategy for ensuring successful implementation of the BVN Project, CBN issued a circular stipulating that by October 31, 2015: all Nigeria Banks’ Customers should have the BVN attached to their accounts.

Any bank customer without the BVN would be deemed to have “Inadequate KYC”.

CBN has observed with satisfaction, the progress made so far in the implementation of the BVN Project, especially for accounts operated by Nigeria residents.

Consequently, all the DMBs are hereby requested to note and implement the following:

a) Nigerian resident’s bank account without the BVN would be operated as “NO CUSTOMER INITIATED DEBIT “account, until the account holder obtain and attach a BVN to the account.

b) Nigerian resident’s bank account without the BVN will still continue to receive credit inflows (in cash and electronically) and will neither be deactivated nor confiscated.

c) DMBs are required to educate their customers on the aforementioned clarification.

d) BVN enrolment for Nigerian Bank customers in diaspora has been extended to 31st January 2016.this is to enable them complete the registration exercise and the attachment of the BVN to their bank accounts.

e) The DMBs should remind their customers of the need to link their BVN with their accounts if they have done the registration in another bank.

f) DMBs should send returns on the number of accounts, those that are linked on monthly basis those belonging to customers in Diaspora and those that are restricted.

g) The schedule must be available at the banks Head Offices for on-site examinations and review.

It is responsibility of each bank to ensure that this exemption is utilised by the targeted customers (those in Diaspora) only.