Anxiety grips MFBs as BVN deadline expires today

With the December 31, 2017 deadline set by the Central Bank of Nigeria (CBN) for Micro-Finance Banks (MFBs) to enrol their customers on the Bank Verification Number (BVN) platform essentially set to expire today, there are indications that the micro lenders are worried about the impact on the sub-sector if the apex bank enforces its directive that customers’ whose accounts are not BVN-linked should not be entitled to debit-operations.

A recent investigation by New Telegraph showed that MFBs were expressing concern over the low number of customer who, they said, were coming forward to do their BVN registration.

Specifically, in an exclusive interview with this newspaper late last month, Chief Executive Officer, Letshego MFB, Nigeria, Mr. Benjamin Muketha, disclosed that the number of customers who had linked their BVN to their Letshego MFB accounts was below expectation.

He said: “It is a slow uptake. The deadline expires 31st December 2017, we do hope more and more customers will turn up wherever there is a banking branch.

New Telegraph, DECEMBER 29, 2017

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now