There will be a major shake-up within the banking
industry at the end of this month if threats hold to restrict defaulters
of the Bank VerificationNumber (BVN) registration. Customers without
the BVN will not be able to make transactions in and outside Nigeria as
from the end of this month.
Several
loopholes in the application of this new requirement mean that millions
of account holders will engage in panic withdrawals.
The Bank Verification Number initiative, while being yet another cumbersome attempt at Nigeria’s personal data management plans, has been commended by stakeholders.
As part of the Central Bank of Nigeria’s cashless policy, it aims to capture data and check fraud in the banking system by giving every bank customer a unique identification number that can be verified across all banks in the country.
READ ALSO: FG To Pay Unemployed, Poor Nigerians Monthly, Find Out How Much
However, like most laudable initiatives in this country, the application is flawed. For one, customers who operate accounts in several banks are required to physically present their BVN to all the banks they operate with.
What is more, this information is only available to the customer via vague emails sent by the banks. There is presently no system to allow customers to send their BVN via any electronic or mobile channels to their banks.
Central Bank Of Nigeria
The Bank Verification Number initiative, while being yet another cumbersome attempt at Nigeria’s personal data management plans, has been commended by stakeholders.
As part of the Central Bank of Nigeria’s cashless policy, it aims to capture data and check fraud in the banking system by giving every bank customer a unique identification number that can be verified across all banks in the country.
READ ALSO: FG To Pay Unemployed, Poor Nigerians Monthly, Find Out How Much
However, like most laudable initiatives in this country, the application is flawed. For one, customers who operate accounts in several banks are required to physically present their BVN to all the banks they operate with.
What is more, this information is only available to the customer via vague emails sent by the banks. There is presently no system to allow customers to send their BVN via any electronic or mobile channels to their banks.
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