Bank Verification Number: It's Importance

With the increasing incidents of compromise on conventional security systems (password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System. In recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes.

Biometrics refers to identifying an individual based on physiological or behavioral attributes – fingerprint, signature etc.

The Central Bank of Nigeria through the Banker’ Committee and in collaboration with all banks in Nigeria on February 14, 2014 launched a centralized biometric identification system for the banking industry tagged Bank Verification Number (BVN).

 

THE BENEFITS OF BVN

• BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank)
• Customers Bank Accounts are protected from unauthorized access
• It will address issues of identity theft, thus reduce exposure to fraud
• The BVN will enhance the Banking Industry chances of being able to fish out blacklisted customers
• Reduce queue in Banking Halls
• Standardized efficiency of Banking operations
• The Customers unique BVN is accepted as a means of identification across ALL Nigerian Banks