The Nigerian government has revealed plans to connect the bank customers’ bank verification numbers (BVN) with their national identity card data as from next year.
This was made known by the Managing Director, Nigerian Interbank Settlement System (NIBSS) Mr. Ade Shonubi, in a paper presented at the ongoing workshop for financial journalists organised by the Nigeria Deposit Insurance Corporation (NDIC) in Ilorin, on Monday.
Represented by the Chief Risk Officer, NIBSS, Mr. Osioke Ojior, spoke on “Managing Risks of e-Banking,” Shonubi, disclosed that the move would further strengthen efficiency in Nigeria’s payment system.
Shonubi noted that the benefits of the BVN project, which was launched in 2014, include credit check, know-your-customer, fraud management and transaction authentication. However, he listed categories of risks in the payment system to include strategic, preventable and external.
The NIBSS boss further disclosed that the objective of the BVN 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 the point of transactions.