The absence of a unique identifier in the Nigerian banking industry has been a major challenge inhibiting the effectiveness of the Know Your Customer (KYC) principle, with negative consequences on the growth of credit cards and other credit-related products.

To complement the existing means of identification of customers, which include: the driver’s license; the International Passport; the National Identity Card; and the Permanent Voter’s Card; the CBN, in collaboration with the Bankers’ Committee on February 14, 2014, launched a centralized biometric identification system for the banking industry, tagged Bank verification Number (BVN).

The Bank Verification Number (BVN) project is an initiative aimed at protecting bank customers and further strengthening the Nigerian banking system. The Bank introduced BVN to all banks’ customers to address the absence of unique identifier across the Nigerian Banking Industry. The BVN is a number that enables a bank customer to have a single identity in the banking system. The full implementation was expected to enhance the effectiveness of KYC requirement, the safety and reliability of the payments system

0 BEST BANKS IN NIGERIA

Gone were the days when Nigerian
banks were just square/rectangular
boxes where you go to endure the
tyranny of the dreadful queue and
long downtime before you can
withdraw or deposit money. These
days, banks are able to exude an air
of magnificence and royal elegance
with their architectural edifices. The
stately buildings in turn make put
people in awe of the bank and keep
them rest assured that the bank is
the best place to keep their money.
But care should be taken here, it is
not the architectural masterpiece
that makes the bank great but the
board of management and method of
service delivery.

0 AKINWUMI ADESINA BECOME 8TH PRESIDENT OF AFRICAN DEVELOPMENT BANK

Akinwumi Adesina of Nigeria has been elected as
the 8th President of the African Development Bank
(AfDB).
Adesina was the Minister of Agriculture and
Rural Development in Nigeria.

0 CBN gives banks deadline on competency details of staff

Determined to address the competency level of staff in the financial services sector, the Central Bank of Nigeria (CBN) has ordered banks to avail it of details of staffers currently occupying controlled functions.