CBN’s New Policy Receives Kudos

There are indications that
the planned Bank Verification Number (BVN) exercise announced by the Central Bank of Nigeria (CBN) recently may receive positive response according to The Tide’s investigations.
A cross section of respondents who spoke to our correspondent in Port Harcourt said the policy which makes it mandatory for every bank account holder to have a number peculiar to him described the policy as good for credible  banking operations.
For Dumnamene Johnson, an insurance agent, the policy would create harmony among banks as it would afford them the opportunity  to have a common data-base for their customers. He said even in cases were customers operate more than one account the policy would still be useful.
Expressing his opinion a security consultant Mr Adolphus Nna, who spoke to our correspondent said the policy would make the job of monitoring accounts easier for security operative in the country.
According to him, with the specific BVN of the account holder not withstanding the number of accounts run by the individual or  organization, the process would ensure a (tight) hold on the account  holder, without compromising holder privacy.
Some banks staff who spoke to our correspondent stated that the policy was not limited to members of the public alone but even every bank staff.
At the customer services section of  the First City Monument Bank PLC Aba Road a staff who spoke to our correspondent and asked not to be named described the policy as “all embracing”.
While likening the policy to that of  INEC’s data base system, he said with the BVN one can access one’s account at any bank.
“You can walk into any bank and access information on your account even through that is not your parent bank, he said.
However, efforts to speak with the Acting Branch Controller of the CBN, Port Harcourt Mr Emmanuel  Etok was not successful before going to press.
But reliable a source at the apex bank said the policy was only operational in Abuja and Lagos for now.