►Chat212 - Power FM - In line with the ongoing initiative of the Central Bank of Nigeria (CBN) and the Bankers' Committee (comprising chief executives of the nation's deposit money banks), banks across the country are to begin capturing of customer biometric data as part of Bank Verification Numbers (BVN).
The rollout of the BVN solution for the identification and verification of bank customers is expected to begin in 1,000 selected bank branches across Lagos, as a prelude to a nationwide rollout.
The rollout of the BVN solution for the identification and verification of bank customers is expected to begin in 1,000 selected bank branches across Lagos, as a prelude to a nationwide rollout.
This is in alignment with the phased approach adopted in executing the three-tiered Know-Your-Customer (KYC) and cashless policy of the CBN.
A statement by the Nigerian Inter-Bank Settlement System (NIBSS) last week said the rollout "signifies end of the pilot phase of the project during which over 7,000 Bank Verification Numbers (BVN) were issued by 21 DMB and the (NIBSS) to existing internal bank customers".
"The enrolments and BVN issuance were achieved across 44 bank sites that include 21 bank headquarters."
According to NIBSS, customers are expected to go to any branch of their bank, complete and submit the BVN enrolment form, present themselves for data capturing (such as fingerprint, facial image, among others).
An acknowledgment slip with the transaction ID is issued to the customer, following which the system would issue the application within 24 hours, the BVN is generated, and the customer receives an SMS for pickup.
The BVN initiative involves the capturing of an individual's basic biometric data information which include the facial image, the 10 fingerprints as well as other unique features of that individual.
It will use the biometric technology system for verification and secure authentication of the identity of bank customers and ultimately as a means of authenticating customer's identity at point of banking transactions.
It gives the bank customer a uniform and single identity called the Bank Verification Number (BVN) that will be acceptable across the Nigerian financial system as all other bank accounts operated by this individual will be tied to that BVN.
The solution is to ensure accountability, check identity theft, reduce exposure to fraud, enhance credit advancement to bank customers, protect bank customers' account from unauthorised access and also encourage financial inclusion.
