Have you got your Bank Verification Number in Nigeria yet? - See Benefits of Bank Verification Number By CBN

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In a bid to step up the strength of the security measure for commercial banking transactions in the country, the Central Bank of Nigeria (CBN) under the dynamic Governorship of Godwin Ifeanyi Emefiele recently gave out a directive requiring that all commercial banks and their different branches operating nationwide should issue out Bank Verification Numbers (BVNs) to their customers and different account holders whether current or savings accounts. This move is intended to go a very long way in curbing and eliminating issued of fraudulent transactions in the system. As the campaign is still on and open, all Nigerian Bank account holders are seriously advised to go and get theirs. It is quite a thing to be very sad about that even up till this moment, many people are showing nonchalant attitudes to the programme. Anyway, the importance of this directive by the CBN may not be so valued by people until if officially closes in the month of June, 2015.

Even as some of the members of the public are accepting the initiative and doing what is required of them with zeal and enthusiasm, let us all be alert, awake and aware that many dubious dealers have started moving around, parading themselves as bank officials who are trying to make the process of registering customer accounts for the BVN easier for the people. Many cases on this issue have already been reported and according to the investigated scenarios, these 'fake' officials request and collect these bank details online from the various account holders and even threaten to close down the bank accounts of people who hesitate in making their account information available to them. They are all looking for ways to infiltrate into the available cash balances in the bank accounts of their victims so beware and very cautious about this so that you will not fall out as a victim of circumstance. The best and safest way for you to register and get your own bank Verification Number (BVN) is by going straight to your bank and interacting directly with the customer care staffs and designated representatives.

[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

Notably, a biometric technology system is used to register account holders before they can obtain these BVNs from their respective banks. This is done by collecting, recording and storing the unique physical features of the account holders (which may include the hair colour, eye colour, facial looks as well as the fingerprints) in such a way that each customer can be identified on a future date using those information and details. As soon as the biometrics of a customer is collected, he or she will be issued a BVN which serves as a vital key to the person's account. In simple terms, the major reasons for the introduction of this BVN system is to secure bank customers, foster transparency of transactions and advance further the Banking system in Nigeria.

This Biometric exercise is of great use to some bank customers who are not educated. Instead of reading instructions on forms and filling them out with difficulties, they can simply use their photos and fingerprints in place of their account signature to gain access to bank services. If you have multiple accounts with a particular bank, you do not need to start registering to get the BVN for each of them. A one-off biometric registration is enough to cover all your accounts. However, if you operate different accounts with different banks, you must go to each of them and register for your BVN.

In the area of loan management and issuance of credit facilities to customers, all commercial banks in Nigeria can easily track the loan history of each account holder across all banks operating throughout the federation with the help of the BVN. Thus, this will guide them in accepting customer applications to get loans or extend their access periods to bank credit facilities.

However, the CBN has the responsibility of putting up and ensuring a tight data security system as it carries out this BVN scheme. This is very vital and essential too in order to keep data safe from predators and other forms of damages as seen over the years in many other national and international industrial sectors who have implemented the biometric registration systems in the past. To do this, the CBN should distress, punish and penalize any commercial bank that will unjustly tamper or use the personal information their customers against them when situations does not call for such.

To a great extent, the Bank Verification Number (BVN) initiative will indeed go a very long way to enhance the financial intelligence of the Nigerian banking sector and minimize or totally eliminate a series of illegal banking activities, transactions and flaws that were seen in the old system. To make this work out smoothly, banks should consider the interests of customers and keep them on a high regard so as to make them trust and confide in the banking systems given the fact that customers are more likely to patronize banking services when they feel safe and secured. And when it comes to the protection of the account holders, the entire commercial banks and the Financial/Banking system in entirety, the Bank Verification Number (BVN) initiative is ideal for achieving such delicate objectives by according due importance and fairness to all the parties involved.

On a constant basis, the CBN should take up the onerous task of ensuring an all-time security for the BVN system so as to guarantee total security for the banking sector. As technologies evolve, it should advance forward too so as to keep on improving and developing the BVN biometric system.

That is all there is for you on this article. If you need any clarification, you can get better informed meeting the customer care representatives of any Nigerian commercial bank operating closest to you. Also, banking experts will be glad to answer you. More importantly, I and other readers of this post are here to attend to your questions and provide reasonable answers to them. So feel free to drop your comments below using the comment box for prompt support and assistance.

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