Monday, February 29, 2016

23.5m Nigerians on BVN – Ajao


An estimated 23.5 million out of the 180 million population of Nigeria have been covered within the Bank Verification Number (BVN), a biometric data collection by the Central Bank of Nigeria (CBN) in liaison with the banks, reports ITRealms.
The Executive Director, Information Technology, Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr. Niyi Ajao, made this disclosure at the weekend in Lagos, while delivering a keynote on behalf of his Managing Director and Chief Executive Officer, Mr. Ade Shonubi, at the 7th Presidential Dinner hosted by the Institute of Software Practitioners of Nigeria (ISPON).

He said there is a lot of work needed to be done on the BVN as it current fail short of the Nigerian banking public.

Speaking on what has been described as quiet revolution percolating within NIBSS with strategic focus on indigenous software firms that deliver value and create wealth, Mr. Ajao said the reality of things is that the hard economic disposition of the country has forced them to truly look inwards seriously.

He cited an instance with the servicing of Service License Agreeement (SLA) of some of the software they had hitherto procured abroad, saying they have since discovered that no bank was willing to source such huge sums of United States Dollars due to new guidelines of the Central Bank of Nigeria.

And in order to remain in business, they have no other choice than to look seriously inwards to develop stage by stage their software requirements by way of creating today, various avenues including contest for local software developers.

“We rely much now on self-developed indigenous software,” he revealed.

ITRealms recalls that ISPON is the industry professional body for indigenous software developers and practitioners in Nigeria, founded in 1999 with the aim of ceating an enabling environment for local content developers to thrive locally and internationally.

Whereas NIBSS was set up by the Bankers Committee resolution of 1992, as a Banking Industry Shared-Service, to help streamline inter-bank payments and settlement mechanisms, and to promote electronic payments in Nigeria. 

Incorporated in April 1993, NIBSS commenced operations on 13th June 1994, hence it is owned by all licensed banks and discount houses in Nigeria, in addition to the Central Bank of Nigeria, whose representative on NIBSS board assumes chairmanship.

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