Bank customers embrace BVN initiative

BVNFrom OKORO CHINEDU in Lagos, Nigeria

LAGOS, (CAJ News) – THE majority of Nigerians have embraced the Bank Verification Number (BVN) introduced by the Central Bank of Nigeria (CBN).

This is according to findings of a recently-conducted poll, suggesting 72 percent of Nigerians welcomed the initiative arguing it would improve ‘account security’ (29 percent), ‘control fraud/corruption’ (22 percent) and ‘monitor transaction and cash flow’ (11 percent) in Nigerian banks amongst other reasons.

NOIPolls said on the other hand, some Nigerians (28 percent) with opposite views indicated that the BVN was not important to them in any way because ‘they do not know the aim’ (78 percent) of the exercise, and that ‘it may enhance fraud’ (5 percent) among other reasons.

More findings revealed the vast majority (88 percent) of the respondents interviewed showed awareness of the BVN initiative, and 86 percent of banked respondents claimed that they had registered for the BVN with their respective banks.

Some 14 percent of the respondents had not complied with the policy and the majority of respondents in this category mostly indicated they ‘haven’t had time’(61 percent) to do so, and 9 percent claimed they were
discouraged by the long queues in banks during the exercise.

Some 47 percent of respondents who have registered for a BVN confirmed they have linked their BVN with their other bank accounts, whereas some respondents who have registered their BVN have either not completely
linked it to all their other accounts (17 percent) or have not linked it to their other accounts at all (7 percent).

This finding supports the report from the Nigeria Interbank Settlement System (NIBSS), which disclosed that only 14,4 million BVNs have been linked to other bank accounts out of the total of 21 million BVN holders
in the country.

Finally, while some Nigerians have clearly indicated the importance of the BVN to them as banked citizens, it is pertinent that more sensitization programs are carried out by stakeholders, on the importance of the BVN in the Nigerian banking system. This should be done with special consideration given to Nigerians who have low access to information, in order to ensure complete compliance to the BVN policy.

Launched in 2014, BVNis a data system that captures bank customers’ biometrics, such as fingerprints, facial structures and signatures and provides unique identification for them and equally protects their
accounts from unauthorized access, identity theft and fraud.

This has been embraced globally as a result of the incessant security breaches of the regular passwords and personal Identification numbers (PIN).

“The opinion poll was conducted in week of November 9. It involved telephone interviews of a random nationwide sample. 1000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country were interviewed.

“With a sample of this size, we can say with 95 percent confidence that the results obtained are statistically precise – within a range of plus or minus 2,5 percent,” said NOIPolls.

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Posted by on Nov 17 2015. Filed under Africa & World, Featured, Finance, Finance & Banking, National, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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