Recently in Nigeria, Central Bank Of Nigeria have introduced A new features on banks which is Bank Verification Number (BVN) .
What Is Bank Verification Number (BVN).
Bank verification number is part of Central Bank Of Nigeria cashless policy introduced to capture customers data and also to check fraud in banking system. Central Bank has compulsorily issued all bank account holders in Nigeria a unique identification number that can be verified across all Banks In Nigeria.
Why BVN Is Now Compulsory.
Like I explained before, Central Bank uses the BVN to check fraud in banking system, that is why every individual have a unique Identification Number which can be used to verify all account a particular individual have access to.
Some BVN Reviews By Banks.
1. First Bank PLC: (As Written On www.firstbanknigeria.com)
"As you may already be aware, the Central Bank of Nigeria (CBN) in conjunction with the Bankers Committee has launched the
Biometric Identification Project to provide a single biometric database for all banks’ customers nationwide. Part of the requirements within this initiative is that customers enroll with their banks to get their
unique Bank Verification Numbers (BVN) , without which customers will not be able to
transact in any bank after the deadline (date soon to be announced by CBN). In our quest to continue to put You First for
convenient and secure banking, we at First Bank are keen to ensure that all our valued customers are aware and understand the benefits of this initiative".
Biometric Identification Project to provide a single biometric database for all banks’ customers nationwide. Part of the requirements within this initiative is that customers enroll with their banks to get their
unique Bank Verification Numbers (BVN) , without which customers will not be able to
transact in any bank after the deadline (date soon to be announced by CBN). In our quest to continue to put You First for
convenient and secure banking, we at First Bank are keen to ensure that all our valued customers are aware and understand the benefits of this initiative".
2. Zenith Bank PLC Review: (As Written On www.zenithbank.com )
Identity theft and fraudulent transactions have become a menace to the global banking
system in recent times. In order to ensure trust relationship in the Nigerian banking system is not undermined, The Central Bank
of Nigeria in collaboration with all Nigerian Banks launched Bank Verification Number (BVN) project in February 14, 2014. The BVN uniquely identifies every customer across the Nigeria Banking industry using biometric
details. It is a requirement for operating a bank account in Nigeria as no withdrawal shall
be made on accounts without validated BVN (customers in diaspora accounts were
exempted till January 31, 2016).
3. Access Bank PLC Review: (As Written In www.accessbankplc.com ).
With the increasing incidents of
compromise on conventional security systems (Password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System. Launched February 2014, the BVN gives each customer a unique identity that canbe identified and verified across the
Nigerian Banking Industry (not peculiar to one Bank). The BVN will also address issues of theft, reducing the level of fraud in Nigerian Banks. The BVN will also address issues of theft, reducing the level of fraud in
Nigerian Banks.
compromise on conventional security systems (Password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System. Launched February 2014, the BVN gives each customer a unique identity that canbe identified and verified across the
Nigerian Banking Industry (not peculiar to one Bank). The BVN will also address issues of theft, reducing the level of fraud in Nigerian Banks. The BVN will also address issues of theft, reducing the level of fraud in
Nigerian Banks.
Also Read:
Top 10 Banks In Nigeria
Top 10 Banks In Nigeria
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