Massive Crowds in Banks across Ikorodu as BVN Deadline Expires Today Plus CBN Extends Date

customers waiting to register for BVN at GTB Ikorodu

At the first sight of the banks in Ikorodu today one would think a campaign rally or a concert is ongoing, but at a closer look you would realise that the crowd you are seeing at this banks are there for Bank Verification Number registration.

According to the Central Bank of Nigeria, 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. Thus, every account owner in a Nigerian bank needs to have a BVN number.

 In recent times, biometric technologies have been used to analyse human characteristics as an enhanced form of authentication for real-time security processes which involves identifying an individual based on physiological or behavioural attributes – fingerprint, signature etc. that is why 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).

Fast forward to June 30, 2015, most Nigerians are yet to register for the BVN, the reason for this development is yet to be known. But some of the bank customers who our correspondent spoke to in Ikorodu identify the issue of not enough awareness by the CBN and the various banks, Mr. Amila says “I didn’t know about this BVN registration until the beginning of this month” he blamed the banks and the CBN for the rowdiness witnessed in the banks today as they failed in giving enough awareness for the exercise.

Another customer who wished not to be named was sceptical about the whole exercise and shares the feeling of most Nigerians at the bank for the BVN registration. She said “I don’t know why they ask us to do this; this is the same way they ask us to do the national identification number and at the end we have nothing to show for it”.

Meanwhile the CBN claims that the BVN registration will ensure the following:

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.

It is yet to be seen if the BVN registration will achieve all these claims.

There have been calls for the elongation of the exercise as ques continue to grow more and more as customers of various banks wishes to beat the deadline date of June 30, 2015 and prevent hiccups in their subsequent banking transactions. 

In a swift response the CBN has extended the BVN registration to October 31st 2015.