What is BVN? It simply means Bank Verification number. This number uses biometric technology to register and identify bank customers.
All that it entails is for a bank to record the physical attributes of the customer which are obviously peculiar to the customer alone, such as fingerprints and the face. After this is done, a Bank Verification Number is issued with which the customer and his account is identified and accessed afterwards.
In this days of so much cyber and financial crime, taking up this layer of security initiated by the Central Bank of Nigeria, will obviously not be a waste of time. Aside from the fact that this measure will benefit illiterates who cannot read and write and also help in tracking bank transactions across the financial system, the BVN will definitely protect bank customers from fraudulent activities, especially those who are very “careless” and take things for granted and hence, more vulnerable to security threats. It will also, no doubt, boost confidence in the banking system and much more.
However, like every other security apparatus, fraud stars will look for a way around it. This therefore requires that the CBN and banks should put in place, all necessary measures to assure the a success of the laudable project.
For those who have not gotten their BVN, you have up to the end of June 2015 to get yours.
Wishing you safe banking 🙂
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UPDATE : The deadline for the BVN registration exercise has been extended to 31st December, 2015.