Central Bank of Nigeria Captures 31 Million Nigerians in Bank Verification Number Project

Thursday, May 3, 2018

By Bill Okonedo

CBN captures 31m Nigerians in Bank Verification Number Project

The Central Bank of Nigeria (CBN) has captured no fewer than 31 million account customers in its Bank Verification Number (BVN) project aimed at ensuring unique identifier in the Nigerian banking industry.

CBN Director, Banking and Payment System, Dipo Fatokun, disclosed this in a paper titled, `Nigeria’s progress towards the creation of a robust, trusted and inclusive Financial Services Environment’ delivered at the annual meeting of the ID4Africa movement on in Abuja.

Fatokun said the CBN had also linked a total of 43,959,282 banks accounts in the BVN project.

“To address the absence of a unique identifier in the Nigerian banking industry and to facilitate the creation of inclusive financial services environment.

“The CBN, in collaboration with the Bankers’ Committee, launched the BVN Project on Feb. 14, 2014, with biometric solution, as a unique identifier for all bank customers.

“The objectives includes the following: increase access, convenience, service levels across the industry; enable greater financial inclusion and integration of financial services into the economy, with its attendant positive impact on economic development,’’ he said.

Fatokun said the BVN was also targeted at promoting safe and sound financial system in the country.

Photo courtesy of fsecart.

Source: BusinessDay (link opens in a new window)

financial inclusion