Will I Lose my Bank Account If I fail to Register for the Compulsory BVN? See the 3 Major Implications of Failing to Register

BVN registration and according to recent statistics about 14million Nigerians have registered and still about 14million Nigerian bank account owners are yet to registere for the compulsory BVN.

Now the panic is high and rumours have been flying here and there concerning the fate of those that did not or will not meet up today deadline date for registration and that is if at the end of the day the registration window is not extended by CBN.

One of Nigerian cultures over the years have always been to approach issues like this in fire-brigade manner; people only start coming out to register at the eleventh hour when there is rush and when everywhere is heated up.

Must Read: BVN Registration Processes

Recent and similar occurrences were seen in the registration of the New National Identity Cards and in the registration and collection of Permanent Voters Card (PVC) where people only troop out at the die moment to get involved.

And today again here come the Bank Verification Number on ground and on the verge of registration closure.

Currently as I write this, there are panics everywhere and those that have not registered are unaware of what their fate on their bank account will finally turn out to become after today if they fail to register.

But the big question remains; will you lose your bank account and will your remaining account balance vanish after today on the event that you failed to register for the BVN?

Now listenup!

The answer to the above question is this; You will not lose your bank account if you fail to register for the BVN after today and your account balance will still be intact and you will still be able to withdraw the money in there at will and any time you like, just in similar manner that you have been doing before now.

So what are now the implications of not registering for the BVN?

Yes, not registering for the BVN has implications and the implications hovers mostly around 3 areas of carrying out transactions with your banks and which you will be limited to, and those areas are;

1.    You will no longer be able to have access to Credit facilities on your bank

2.    You will be ineligible to carry out foreign exchange transactions with your banks.

3.    Internet banking facilities will automatically be shot out at you and there is still on-going debate that you might also lose out on carrying out transactions with your ATM.

So those are core implications of failing to register for your BVN.

Now for those that have registered for BVN for long and have been waiting for the BVN to be sent to their phones as promised, just know that the text message might not come and it doesn’t not in any mean that your BVN is not yet ready.

If you have registered for long and have not received your BVN as text message, just go to any of your bank branch with the pre-BVN slip/paper that you were given and request for your BVN and the finally, you can now take your BVN to other banks that you operate other accounts for linking – this last process is less stressful.

Note that as result of National Issues and panics that the BVN registration has generated, we decided to put this up to sensitize the entire public on the real implications of not registering for BVN and to douse tension in the country.