Meaning and Benefits of Bank Verification Number (BVN)

Due to increasing incidents of compromise on conventional security systems (password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System.

Central Bank of Nigeria through the Banker’ Committee and in collaboration with all banks in Nigeria on February 14, 2014 launched a centralized biometric identification system for the banking industry tagged Bank Verification Number (BVN).

Bio-metrics refers to identifying an individual based on physiological or behavioral attributes – fingerprint, signature etc.

In Summary

The Bank Verification Number (BVN) is a series of numbers that uniquely identifies each customer in the Nigerian banking industry.

Benefits of Bank Verification Number in Nigeria

1. BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank)

2. The Customers unique BVN is accepted as a means of identification across ALL Nigerian Banks

3. It will address issues of identity theft, thus reduce exposure to fraud

4. The BVN will enhance the Banking Industry chances of being able to fish out blacklisted customers

5. Reduce queue in Banking Halls

6. Standardized efficiency of Banking operations

7. Customers Bank Accounts are protected from unauthorized access

Aims

1. The purpose/aim of the project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer’s identity at point of transactions.

2. To provide a uniform industrially accepted unique identity for Bank Customers

3. To authenticate transactions without the use of cards using only biometric features and PIN

4. Identification of blacklisted customers

Related Posts: