By Babajide Komolafe

Today marks the sixth week since the deadline for bank customers to enrol for the Biometric Verification Number (BVN) was extended to October 31.

According to the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS), the primary purpose for the extension was to allow bank customers in the Diaspora to enrol for the BVN. However, the extension also allowed local customers who were yet to enrol as at the initial deadline of June 30th, the opportunity to do so, without the stress of the long queues experienced few days to the end of June 30th.

But, except the authorities address certain issues, the rowdy scenario witnessed in banking halls across the country few days to June 30th  might be repeated by few days to the October 31st  deadline.

The first thing is communication and information. Presently, CBN and banks seem to have slowed down on communicating to the banking public about the BVN and the need for urgent enrolment. Prior to the June 30th  deadline, customers received text messages, emails from their banks almost on daily basis, coupled with advertisements in print and electronic media. These have been slowed down.

For example, more than three weeks after the commencement of enrolment for customers in the Diaspora, many of them are still ignorant about the process. This is reflected in the response from a reader.

“I just read your article on the issue of BVN in Nigeria. I have one question that nobody has been able to answer for a while now. My question is: what happens to Nigerians that are presently not in the country. What arrangements have been made to accommodate that?  (Edet Nkereuwem)

Secondly, there is little effort inside the branches to enquire from customers about their BVN status and motivate them to enrol.

Thirdly is the issue of those who have enrolled but are yet to receive their BVN. These are recipes for another crisis.

To avoid this, banks should begin to request for BVN from customers that come to the branches for transactions. And whenever a customer can’t produce the BVN, he should be motivated to do so before leaving the branch. Secondly, CBN and the banks need to revive the massive publicity.

The publicity must among other things: Spell out the need for and process of enrolment; what the customers would suffer (sanction) if they fail to enrol by October 31st.

Such massive publicity, complemented with regular reminders through email and text messages will provide clarity to bank customers, and foreknowledge of the consequences of delay.

Amidst these, it is important to state that the deadline is not deadline for enrolment, but deadline for enrolment without compulsion. Customers can still enrol after the deadline, but they would be compelled to do so by denying them access to some banking services. Once bank customers know and are constantly reminded that after October 31st  they would not be able to enjoy some banking services or would not be allowed to perform some kind of banking transactions until they enrol for the BVN, they would be compelled to enrol before the deadline.

To be continued next week (Send comments and enquiries to  vanguardinvestorsforum@gmail.com)