add
The BVN was introduced by the Central Bank of Nigeria and was launched February 14th last year. It 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 fingerprints and facial features.
This record can then be used to correctly identify the person afterwards. Once a person’s bio-metrics has been properly captured, the person is given a Bank Verification Number or BVN.
According to the CBN, The objective of the BVN initiative is to protect bank customers, reduce fraud and further strengthen the Nigerian banking system. Fraud is reduced because no two people have the same biometric information. Banks will therefore be able to check the features of a person doing a transaction against the record, which the bank has captured thereby correctly identifying the owner of an account.
Mode of Enrollment
To enroll for the BVN, bank customers have to visit a branch of their bank, complete and submit the BVN enrolment form, after which, the biometric information such as fingerprints and facial imagery are recorded. The customer is then issued an acknowledgment slip with transaction ID. Thereafter, BVN is created and the customer is alerted via SMS to arrange for pick-up.
Fast-Track Measures
In order to fast-track enrollment of customers for the BVN, the CBN October last year, stipulated targets and deadline for banks. The apex bank also made the BVN a condition for accessing loan.
The CBN stated in circular, “In order to fast-track the enrollment process: DMBs are expected to give attention to enrollment of their customers; All DMBs are required to enrol at least, 40 percent of their customers on or before 31st December 2014, and 70 percent on or before 30th March 2015; All DMBs are required to fully integrate their core banking system, latest by 31st October 2014, to ease the enrolment process; All new loans must have the BVN as condition precedent to draw down, with effect from 3rd November 2014; All credit customers must have BVNs by 31st December 2014; The Central Bank of Nigeria will monitor compliance”.
Related Post:
Blackberry announces new round of layoffs as devices business struggles
Samsung brings Iron man themed Galaxy S6 Edge for Avengers movie fans
Cretive Sound Blaster JAM bluetooth headset in India
add
No comments:
Post a Comment