One Number to Rule Them All | Bank Verification Number eases your burden of carrying documents

"And he causes all, the small and the great, and the rich and the poor, and the free men and the slaves, to be given a mark on their right hand or on their forehead," Rev. 13:16

The burden of carrying driver’s license, international passport, national identity card, and other documentation that identifies you will be a thing of the past as soon as you get your Bank Verification Number (BVN).

"Even those who are not educated or who do not have identity cards to open accounts with the banks can do so seamlessly.

With Banks Verification Number you will not be burdened with the issue of fraud, identity theft and other financial crimes."

It will not cost you anything but just to register your 10 fingerprints and you will get the verification number which is very important.

BVN according to Isaac Okoroafor, acting director, corporate communications department, the Central Bank of Nigeria (CBN) is a number that enables one person to have a single identification within the financial system.

“For you to be able to operate your account and take your money, your biometrics must be present and of course such identity cannot be cloned and cannot be duplicated. It will also help us fight corruption because you identity is important as you go your footprint is everywhere and when there is a problem the system alerts and we will know who is doing all these,” Okoroafor said.

The CBN and Nigeria Inter-Bank Settlement System (NIBSS) plc will by the end of May 2014 start the public roll out of Bank Verification Numbers (BVN) in Lagos with 1,000 out of about 1,401 bank branches in the State.

The Apex bank on February 14, 2014 launched the Bank Verification Number (BVN) for biometrics identification of customers in the financial industry aimed at revolutionising the payment system in the country.

Biometrics uses one’s physical characteristics such as iris, finger print, voice or veins that ensure your real self.

The introduction of biometric authentication is targeted at addressing cyber crime, ATM fraud and other kinds of financial frauds as well as to safeguard customers’ funds to avoid losses through compromise of Personal Identification Numbers (PIN).

With the Bank Verification Numbers, the days of using ID cards, drivers licenses, international passport, carrying things around to say this is who you are, are gone, according to Oluseyi Adenmosun, Biometric Project, Nigeria Inter-Bank Settlement System (NIBSS) plc.

He explained that every bank has a server that warehouses all the database of all their account holders that have a BVN and even the banking network have branches, each bank branch will connect to that server, do the enrolment and that server pushes the data to NIBSS.

“At NIBSS, we search through our own system, find out if there is a march, if there is no march, we will issue a BVN which we will go back to pick up. If there is a march, we will alert the bank to be aware that there is something suspicious and so the banks can take much more informed decisions,” Adenmosun said.

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