As the stipulated deadline for the Bank
Verification Number (BVN) exercise draws to a close tomorrow, June 30, 2015,
and with no sign of extension, Nigerian banks have witnessed an unprecedented
crowd as account holders try to beat deadline, reports ITRealms.
Investigations which include
visits to First Bank, Guaranty Trust Bank (GTB), Access Bank and Zenith Bank branches
across the country by ITRealms
indicated that customers had waited till the twilight of the exercise to ensure
compliance.The exercise which was introduced by the Central Bank of Nigeria (CBN) was meant to solve identity management challenges in the banking sector. The CBN introduced the BVN in collaboration with all banks operating in Nigeria and managed by the Nigeria Inter Bank Settlement Systems (NIBBS).
Launched on February 14, 2014, ITRealms reports, the exercise was described as an initiative that will boost financial inclusion as those who have typically stayed away from mainstream banking due to low literacy levels will be able to open and access their bank accounts using their biometric information rather than traditional identification methods.
The general public were encouraged
to visit any branch of their banks to register for BVN in order to secure their accounts from
fraudsters.
The bank verification number gives
every bank customer a unique identity across the banking industry, since it has
a centralized biometric identification system which could be used for every
identification and verification at point of banking operations.
Cyriacus Nnaji/ GEE
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