Important things you should know as the deadline for BVN is coming close
- Get link
- X
- Other Apps
By now, most people know about the Bank Verification Number, commonly referred to as BVN. The BVN scheme 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 their fingerprints and facial features.
This record can then be used to correctly identify the person afterwards. Once a person’s biometrics have been properly captured, the person is given a Bank Verification Number (BVN).
The BVN was introduced by the Central Bank of Nigeriato strengthen security within the banking system and reduce fraud the incidenceof fraud in the system. Essentially, fraud is reduced because no two personhave the same biometric information - each person has his own uniquefingerprint or facial features for example. As a result, banks can always checkthe features of a person doing a transaction to see if those features match therecord which they have. In doing this, banks could ensure that they are dealingwith the right person.
All bank customers in Nigeria are required toregister or enroll for a BVN. To do this, you will need to visit any of yourbank’s branches. The Bank Verification Number which is given to a person willapply to that same person for ANY bank in Nigeria; this means that you willhave one number which you will use for all banks. So apart from preventingfraud on customers’ accounts, BVN will help the banking system to fish outcustomers who have been blacklisted by one bank and who run off to anotherbank.
Because the BVN captures physical features, it isalso very helpful for people who cannot read and write, thereby making surethat everyone is included in the financial system.
The Central Bank of Nigeria has given differentdates by which different levels of customers must have a BVN. ALL bankcustomers are however expected to have their BVN by October 2015.
To avoid the long queues, don’t wait till October31, 2015 to get your BVN
Thishas been courtesy of Guaranty Trust Bank as part of The Bankers CommitteeFinancial Literacy Public Enlightenment Programme brought to you by The BankersCommittee, comprising all the commercial Banks in Nigeria and the Central Bankof Nigeria, CBN.
Tellus what you think about this post here:https://redmediaafrica.typeform.com/to/sqiFzy
- Get link
- X
- Other Apps
Comments
Post a Comment