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Business BVN Now a Prerequisite for Getting Loans from Nigerian Banks



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The Central Bank of Nigeria in a circular released on its website yesterday announced that all new loans from Deposite Money Banks (DMBs) must have Bank Verification Number (BVN) as a condition for draw down, starting from the 3rd of November.

The circular, addressed to all DMBs was signed by the Director, Banking and Payment System Department CBN, Depo Fatokun and was titled: “Clarification Circular on Bank Verification Number Enrolment." It also listed a number of issues for stakeholders to note and implement.

According to the apex bank, where an existing customer wish to register the BVN with his/her bank, capturing his signature and photo identification document may not be necessary, as the bank is expected to have those records during the account opening. It also said that where an existing customer wishes to do a change of name after his/her enrolment on the BVN, due diligence should be exercised and appropriate legal documents obtained, before the change is effected.

The circular further stated that in order to fast-track the enrolment process: DMBs are expected to give more attention to the enrolment of their customers; all DMBs are required to enrol at least 40 percent of their customers on or before 31st December 2014, and 70 percent on or before 30th March 2015

#Nigeria #CBN #BVN #DMB