The Usefulness of BANK VERIFICATION NUMBER (BVN) – A Must Read for Every Nigerian

Considering the sudden huge attendance at the bank in the last 7days, I am force to conclude that 40% of the Customers at respective banks don’t even know the usefulness of the so call Bank Verification Number (BVN). In respect to this I have taken my time to do a minor research on what you need to know about the action BVN.

Read Below;

WHY ARE THE BANKS DOING BVN?

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. In recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes.

Biometrics refers to identifying an individual based on physiological or behavioral attributes – fingerprint, signature etc.

The Central Bank of Nigeria through the Banker’ Committee and in collaboration with all banks in Nigeria on February 14, 2014 launched a centralized biometric identification system for the banking industry tagged Bank Verification Number (BVN).

THE BENEFITS OF BVN

BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank) Customers Bank Accounts are protected from unauthorized access

It will address issues of identity theft, thus reduce exposure to fraud

The BVN will enhance the Banking Industry chances of being able to fish out blacklisted customers
Reduce queue in Banking Halls

Standardized efficiency of Banking operations

The Customers unique BVN is accepted as a means of identification across ALL Nigerian Banks

OBJECTIVES

•The purpose of the project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer’s identity at point of transactions.

•To provide a uniform industrially accepted unique identity for Bank Customers

•To authenticate transactions without the use of cards using only biometric features and PIN

•Identification of blacklisted customers

WHAT YOU NEED TO KNOW ABOUT BVN

•A unique ID number shall be issued to every Bank customer at enrolment and linked to every account that the customer has in ALL Nigerian Banks.

•Individuals shall be required to submit an acceptable means of identification as prescribed for enrolment.

•Customers of banks shall be required to enroll within a fixed period after which they shall no longer be able to operate their Bank accounts

•Capturing of all ten (10) fingers and facial image will be adopted

•For authentication purposes, individuals performing banking transactions (e.g applying for loans) shall be required to identify themselves using their biometric features which will be matched against information in the central database.

•Update of customer information shall be done at their Bank Branches physically.

•Banks shall be prompted during account opening and credit check if a customer has been blacklisted by ANY Nigerian Bank.

•The BVN and unique features of an individual shall be used in conjunction with a PIN on a point of transaction

HOW TO ENROLL FOR BVN

•Walk into any branch of your Bank

•Fill and submit the BVN Enrolment form.

•Present yourself for data capturing (such as Fingerprint, facial Image etc)

•An acknowledgment slip with the transaction ID is issued to you Within 24hours the system confirms your application, your BVN is generated, and you receive an SMS for pickup.