Monday, June 29, 2015

BVN deadline:crowd take over banks

As the stipulated deadline for the Bank Verification Number (BVN) exercise draws to a close tomorrow, June 30, 2015, and with no sign of extension, Nigerian banks have witnessed an unprecedented crowd as account holders try to beat deadline, reports ITRealms.
Investigations which include visits to First Bank, Guaranty Trust Bank (GTB), Access Bank and Zenith Bank branches across the country by ITRealms indicated that customers had waited till the twilight of the exercise to ensure compliance.

The exercise which was introduced by the Central Bank of Nigeria (CBN) was meant to solve identity management challenges in the banking sector. The CBN introduced the BVN in collaboration with all banks operating in Nigeria and managed by the Nigeria Inter Bank Settlement Systems (NIBBS). 

Launched on February 14, 2014, ITRealms reports, the  exercise was described as an initiative that will boost financial inclusion as those who have typically stayed away from mainstream banking due to low literacy levels will be able to open and access their bank accounts using their biometric information rather than traditional identification methods.

The general public were encouraged to visit any branch of their banks to register for  BVN in order to secure their accounts from fraudsters.

The bank verification number gives every bank customer a unique identity across the banking industry, since it has a centralized biometric identification system which could be used for every identification and verification at point of banking operations.

Cyriacus Nnaji/ GEE

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