Business
‘Bank BVN To Protect Customers’
The Nigerian Interbank
Settlement System (NIBSS) has said that the banking Biometric Verification Number (BVN) registration was aimed to protect banks customers and strengthening the Nigerian banking system.
Speaking to newsmen in Lagos on Monday, the managing director of NIBSS, Mr Ade Shonubi, said that the BVN was an initiative of the Central Bank of Nigeria (CBN) in conjunction with the Bankers’ Committee meant to address the safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the financial sector.
Shonubi said that bank customers would not be charged for the BVN Cards that would be issued to the customers after the completion of the registration exercise.
The NIBSS boss who is responsible for the implementation of the BVN said the cards would be given out free and cost to be borne by the Bankers Committee which considers the whole biometric project very important to the smooth operation of the banking sector.
He said that the number of bank customers that have so far obtained their BVN has been quite encouraging, stressing that the current high level of compliance by bank customers will enable banks to achieve their targets of customer registration for the BVN.
He said bankers would soon commence the distribution of the BVN Cards, stressing that the cards are ready and are with the banks awaiting collection by customers.
It would be recalled that as part of efforts to encourage enrolment on the BVN, the nation’s apex bank directed banks to only honour transaction over N100 million from customers with BVN from March 2015.
The CBN said such transaction include but not limited to money transfers, loans and contingencies, among others .
The CBN also urged bank customers to register for their BVN by June 2015, warning that any bank customers without a BVN would be deemed to have inadequate know-