Central Bank of Nigeria has recently announced that as of now a total of 31 million Nigerians have been captured in the Bank Verification Number programme. The programme is aimed at assigning each individual that is banked in any financial institution in Nigeria with a unique identifier.
CBN Director, Banking and Payment System, Mr 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.
BVN has boosted financial inclusion, reduced fraud, identity theft, forget and also helped people who can’t sign regular signatures to a large extent.
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