Introduction Of BVN: Who Introduced BVN In Nigeria

   Introduction of BVN and its use in Nigeria, Who introduced BVN in Nigeria, which president introduced BVN in Nigeria.. Read below.


Former CBN Governor, Sanusi Lamido introduced the BVN initiative in February last year as part of the cashless policy to capture customers’ data and check fraud in the banking system.

The exercise is meant to create a stronger Know Your Customer, KYC, for banks and strengthen the various security platforms. It also intends to address cases of security issues arising from passwords and Personal Identification Number (PIN) of customers.

According to CBN’s directive, BVN exercise is scheduled to end next month, June, 2015.

CBN had earlier stated that customers who fail to get BVN will not be allowed to do any transaction with any of the commercial banks across the country. As a result, more customers are compelled to see the need to get their BVNs before the deadline lapses few days fro now.

Naija.com observed earlier today that more bank customers raced to their various banks to meet the deadline.

  A group of customers who chatted with this medium at Guarantee Trust Bank located in Opebi road,Ikeja, Lagos, said they are aware of the exercise.

Despite they acknowledged their banks had sent them messages in this regard, they opined that the level of awareness is still low.

While some customers were eager to get their BVN, Naij.com observed that some remained non-challant about it.

To make it easier for customers to remember and keep their BVN numbers, CBN disclosed BVN cards will be issued.

Naij.com learnt some banks have started issuing BVN cards to their registered customers.

The BVN $50 million biometric project involves the CBN, the Bankers’ Committee, NIBSS, Dermalog and Charms Plc.

The Bankers Committee in collaboration with the CBN approved the initiative to give each bank customer unique identity across the Nigerian banking industry that can be used for easy identification and verification at point of banking operation.

BVN involves getting bank customers biometrics, with the use of fingerprints, and facial image, after which each customer will be given a bank verification number. Read More 

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