Nigerian BVN is trending ~ what could be the reason? Read this post

There have been reports recently that the Central Bank of Nigeria (CBN) BVNs that are issued to Nigerian citizens have a shelf life.

That has caused a lot of concern among Nigerians, since our financial sector is trusted only for its chronic inefficiency. When we think back on BVN, we are reminded of the hardships we faced in order to comply with new banking laws and regulations (BVN induces PTSD): the lengthy lines in banking halls, the stress, and the challenges we all faced.

source: bing image creator

Thus, it is only a mental burden and a reminder of past anguish and anxiety to consider renewing the BVN registration.

The BVN is...
To aid in biometric identification and reduce crime, the Central Bank of Nigeria issued a unique 11-digit number called a Bank Verification Number (BVN) to every Nigerian with a bank account.
A single BVN can be used for all of a person's banking transactions.

If a Nigerian individual has accounts at different financial institutions, the Central Bank of Nigeria (CBN) can keep track of all of that person's transactions with a single BVN number rather than having to do so for each individual bank account.

Taking the role of the antagonist

While some crucial components of biometrics, such as the fingerprint, are constant, faces do vary, and facial recognition is an important aspect of BVN verification, so it's understandable that individuals need to update or renew their BVNs.

Personally, I've had issues with BVN verification for quite some time now (things have changed a lot). For this reason, some people may need to upgrade their BVN.

Rapidly, the CBN refuted

The CBN was quick to refute the BVN renewal issue when it was brought up, and they even released press updates clarifying their position. But a quick search on Google reveals all.

google search

The PDF referenced above has mysteriously vanished from CBN's website, suggesting that the network may have reversed course on this issue or is simply being misleading until they may do as they like. This is a classic case of Nigeria.

Meanwhile, all we can do is wait and see what happens. Whatever the situation may be, I strongly advise you to follow their lead, as very few people in Nigeria actually pay attention.

What I Would Tell the CBN

Any of the following should be implemented if updating, re-verifying, or renewing BVNs is deemed to be of the utmost importance:

Before anything else, a "need assessment" should be performed. Constant fraud reports, suspicions of impersonation, and other criteria should be created to aid banks in determining when a BVN re-validation is necessary. As a result, revalidating a BVN would become discretionary.

Individualised apps/services should be made available to make this process easier, making lines unnecessary (even though Nigerians adore lines).
We shouldn't do things like the fire department and instead think about a more appropriate schedule for this.