BVN: Bank Verification Number
BVN means bank verification number; it took effect on the 14th of November 2014 which was led by The Central Bank of Nigeria through the Banker Committee and in collaboration with all banks in Nigeria. It is a centralized biometric identification system for the banking industry in Nigeria.
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 behavioural attributes – fingerprint, signature etc.
7 things you should know about the BVN
- The BVN is an initiative of the Central Bank of Nigeria (CBN).
- It was launched in February 2014.
- Customers will still be able to access cash after the BVN deadline ends but online transactions will be restricted.
- It wills serve the purpose of strengthening the Nigerian banking system.
- It is a unique number that enables one person to have a single identity in the banking system
- It is aimed at protecting bank customers from identity theft.
- A customer is only expected to register at one bank, irrespective of the number of accounts he has.
The purpose of the project; bank verification number is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer’s identity at point of transactions.
To provide a uniform industrially accepted unique identity for Bank Customers
To authenticate transactions without the use of cards using only biometric features and PIN
Identification of blacklisted customers.
1: Bank verification number (BVN) gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank)
2: Standardized efficiency of Banking operations
3: The Customers unique bank verification number (BVN) is accepted as a means of identification across ALL Nigerian Banks
4: The bank verification number will enhance the Banking Industry chances of being able to fish out blacklisted customers
5: Reduce queue in Banking Halls
6: Customers Bank Accounts are protected from unauthorized access
7: It will address issues of identity theft, thus reduce exposure to fraud
WHAT YOU NEED TO KNOW ABOUT BVN
A unique ID number shall be issued to every Bank customer at enrolment and linked to every account that the customer has in ALL Nigerian Banks.
Individuals shall be required to submit an acceptable means of identification as prescribed for enrolment.
Customers of banks shall be required to enroll within a fixed period after which they shall no longer be able to operate their Bank accounts
Capturing of all ten (10) fingers and facial image will be adopted
For authentication purposes, individuals performing banking transactions (e.g applying for loans) shall be required to identify themselves using their biometric features which will be matched against information in the central database.
Update of customer information shall be done at their Bank Branches physically.
Banks shall be prompted during account opening and credit check if a customer has been blacklisted by ANY Nigerian Bank.
The BVN and unique features of an individual shall be used in conjunction with a PIN on a point of transaction.
HOW TO REGISTER FOR BVN
Go to any branch of your Bank
Fill and submit the BVN Enrolment form.
Present yourself for data capturing (such as Fingerprint, facial Image etc)
An acknowledgment slip with the transaction ID is issued to you
Within 24hours the system confirms your application, your bank verification number is generated, and you receive an SMS for pickup.