The Central Bank of Nigeria (CBN) has directed banks in the country to make their branches available for the Bank Verification Number (BVN) registration of farmers under its Anchors Borrowers’ Programme (ABP).
In a circular posted on its website, the apex bank stated that the anchors borrowers’ programme was aimed at giving loans to farmers a single interest rate, thereby boosting employment and reducing poverty. According to the circular, “One of the requirements for accessing this loan is the BVN registration of the farmers. In view of this, you are required to make all your branches available as BVN registration centres.
“Kindly note that a farmer can enroll for the BVN at any bank branch including the nearest Central Bank of Nigeria (CBN) branch.” The CBN in collaboration with the Bankers’ Committee launched the BVN project on February 14 2014, as unique identifier, to complement the cashless policy and reduce fraudulent transactions in the banking industry.
It would be recalled that the deadline for BVN registration was initially June 30, 2015, but the CBN extended it to the end of October last year following widespread complaints by bank customers that they were not able to register because enough time was not given.
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