have you done your bvn?

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

• 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

 the Central Bank of Nigeria (CNB) deadline for obtaining the Bank Verification Number (BVN) is today and,Nigerians are seen rushing to make sure they register.

The BVN registration, which is mandatory for all account owners, must be completed before June 30th, 2015.

Office workers and business people are now spending days registering at their respective banks across the country.

According to Mrs. Blessing Daniel, a housewife, she has been going to her bank since June 22th without success receiving registration forms. Another bank costumer, Mr. Samuel Omede, a commercial motorcycle operator told SaharaReporters that “I have been coming here since Thursday 25th and I have not be able to get the forms.”

He added that “today is Monday and registration ends tomorrow. How are they going to get all this crowd registered between today and tomorrow?”

The CBN BVN Committee stated Monday morning that there will not be any deadline extension, except for the Nigerians in diaspora confronted with logistical challenges. As of Wednesday July 1st, any unregistered account costumers will not be granted access to operate.