Bank customers across the country have thirty three days from today to enrol for the Bank Verification Number (BVN)However there are issues concerning how many customers would have enrolled for the exercise by the deadline, even as stakeholders in the banking industry have stepped up efforts to highlight the benefits of the initiative for the country as a whole.
The BVN was introduced by the Central Bank of Nigeria and was launched February 14th last year. It is the registration of customers in the financial system using biometric technology. Biometric technology involves the process of recording a person’s unique physical traits such as fingerprints and facial features.
This record can then be used to correctly identify the person afterwards. Once a person’s biometrics has been properly captured, the person is given a Bank Verification Number or BVN.
According to the CBN, The objective of the BVN initiative is to protect bank customers, reduce fraud and further strengthen the Nigerian banking system. Fraud is reduced because no two people have the same biometric information. Banks will therefore be able to check the features of a person doing a transaction against the record, which the bank has captured thereby correctly identifying the owner of an account.
Enrolment
To enroll for the BVN, bank customers have to visit a branch of their bank, complete and submit the BVN enrolment form, after which, the biometric information such as fingerprints and facial imagery are recorded. The customer is then issued an acknowledgment slip with transaction ID. Thereafter, BVN is created and the customer is alerted via SMS to arrange for pick-up.
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