The Central Bank of Nigeria has disclosed that it has captured no less than 31 million accounts by bank customers through the Bank Verification Number, BVN, project in the banking sector.
The disclosure was made by the CBN Director, Banking and Payment System, Dipo Fatokun, during the annual meeting of the ID4Africa Movement in Abuja.
According to Fatokun, the BVN has helped to increase deterrent controls on financial transactions and reduce or mitigate fraud risk and identity theft.
His words: “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 February. 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.
Speaking further on the benefits, Fatokun said, “It has created avenues for people who cannot write regular signature to make financial transactions, thus, facilitating financial inclusion.
“As at December 2017, the implementation of the BVN Project recorded 31,426,091 registered BVNs and 43,959,282- accounts linked with BVN,” Fatokun said.
The CBN Director said the BVN was aimed at promoting a secure financial system in Nigeria.