The Nation Newspaper

Tag: BVN

  • ‘How BVN is curbing fraud within the system’

    ‘How BVN is curbing fraud within the system’

    Chibueze Oguagbu is the Managing Director of an engineering startup called Automated Access Technology. In this interview with Yetunde Oladeinde, he speaks on the motivation for following his career path, challenges and prospect of running a startup. Excerpts:

    Why did you opt for engineering?

    In school, I was always a science student and initially, I wanted to study cardiology, a branch of medicine. I wanted to study that because my father died of heart failure. However, when I learnt what it took to become a cardiologist I changed my mind. I needed to first get my MBBS, travel abroad and specialise in that area, the process was just too long and I decided to study something else. Engineering was next and I also thought of pharmacy but I settled for engineering.

    I have a bachelor’s degree from Enugu State University where I graduated in the year 2000 and since that time I have been in practice. First I worked in a company where I was the Head of IT and operations which was a realisation of my dream and aspiration. I have many colleagues who are bankers; I have never worked in any sector apart from engineering, even when I was under paid. The first job that I ever had in my life was when I was a software developer for a software developing firm located in Anthony, Lagos.

    There I was a software developer but my salary was N25, 000, that was in 2006 and I had not married at that time. It was the most interesting job that I ever had. But unfortunately the money wasn’t good. My wife was earning four times my salary at that time. Even though I loved what I was doing I had to leave. I left and found myself in biometrics consulting and we did projects for Lagos civil service pensioner’s scheme.

    The biometric system there was implemented when I was the head of implementation for the consulting company. In year 2010, we handled the Oyo state biometric implementation. Interestingly, when I left software development, I found my way in biometrics and I thank God for that.  I went out for a better salary but I also discovered a better option, something that took me to the next level.

    Talking about biometrics, the banking sector made the BVN registration compulsory last year. What do you think this would bring to the economy?

    In year 2008, we implemented a project for Firstbank. It was the first ever biometric ATM in Nigeria. The reason for that was because of the high level of fraud in the banking sector. Everything boils down to identity and theft.

    Most fraud committed has to do with identity and this can be countered by things like social security number and things like biometrics. It helps you to pin point people, know each person one-on-one and so many other things.

    How can online fraud be checked?

    I would say that the Central Bank of Nigeria in conjunction with the banks are doing a lot at their own end. Prior to five years ago, Nigeria didn’t have anything in terms of data base. It is just now that we are trying to gather information about our people that is why we are doing BVN and everything.

    I remember that in 2008, Lagos state government was the first state government to embark on biometric verification for pensioners. The reason at that time was the same fraud, there were ghost pensioners everywhere. Introducing biometrics to the society from the government end would enable the society to sit up. You can trace who is who when people commit crime.

    Who are your targets?

    You know the challenges that startups are faced with in Nigeria, we want to take advantage of this. For the product and services that we cover, people need to know that there are people who can provide such products and services. For instance, the automated gates and doors are for anti-theft. You can control access to any location using our machines finger print. Since Ebola came up however, people are more interested in facial recognition. You stand in front of a terminal and you authenticate.

    Facial or fingerprint authentication applications, linked databases, interfaces to payment platforms through NIBSS, biometric enrollment and verification, field exercises, pensioners’ verification, staff audit, biometric administration systems, document capture are some of the things that we focus on.

    Apart from government who is using biometrics to check crime, manage identity better, private people can also make use of biometrics. In a showroom for instance, your staff enroll their fingerprints and anybody whose finger prints is not registered cannot have access to it. In addition, when you have an attendance record where people sign when they come in and go home, here there is usually a lot of fraud and they can record the wrong thing for you.

    We have a system that records access control, time and attendance. Those are the basic features and it is the same terminal that does the two functions. In year 2008, I travelled to South Africa and I didn’t see any maiguard anywhere. Most of the residences and industries that I went to all use automated gates.

    I realised that it was something that should be common in Nigeria because it works for other parts of the world. It took me five years to bring this dream to where it is today. We can fabricate a gate from scratch, do installation, configuration and maintenance. Our desire is to make automated gates affordable.

  • BVN’s slow, steady lift of naira, foreign reserves

    BVN’s slow, steady lift of naira, foreign reserves

    Initially, many saw no reason for the Bank Verification Number (BVN), believing that it will aid the fraud it is supposed to curb. But now, BVN’s implementation, especially for foreign exchange (forex) buyers, is showing results – there is an improvement in foreign reserves. It will also strengthen naira as more Bureaux de Change (BDCs) return unutilised dollars, writes COLLINS NWEZE. 

    Bureaux De Change (BDCs) are, for the first time, in over a decade, beginning to take regulations seriously. Previously, it was unthinkable to have a BDC operator return unutilised foreign exchange (forex) to the Central Bank of Nigeria (CBN) as required by law.

    Presently, BDCs that are unable to sell the $50,000 weekly allocations from the CBN now return the unutilised funds since the implementation of Bank Verification Number (BVN) for forex buyers began.

    The naira is expected to rebound against the dollar in the coming weeks as more BDCs return unutilised funds to CBN coffers. The funds, which, before now, were held up in BDCs’ vaults, will contribute  to CBN’s defence of naira. The funds will also be channeled to manufacturers and other real sector operators that thrive on forex.

    General Manager, Travelex Nigeria, Anthony Enwereji, said the company sells a dollar at N203.89, and that the implementation of BVN for forex buyers would  strengthen the naira against the greenback.

    He said the policy wouldf have a long-term positive impact on the naira  and improve reserves.

    The foreign reserves have remained above $30 billion in the last two weeks, after the CBN introduced measures checking forex speculators.

    The CBN had mandated BDCs to get BVNs of customers buying forex from them. Although the policy implementation, which started on November 1, has reduced the volume of dollars sold by BDCs, it has also made forex transactions more transparent.

    The apex bank has been able to get a grip on the local currency movement on the interbank market, keeping the naira at between 197 and 197.5 on the interbank market in the last one week.

    The BVN, which captures customers’ biometric data, such as fingerprints, provides a unique identification for them and equally protects their bank accounts from unauthorised persons.

    CBN Governor Godwin Emefiele said the biometric technology involves the recording of a person’s unique physical traits, such as fingerprints and facial  features. The record, he said, will be used to identify the person later.

    He said the BVN became exigent, following the increasing incidents of compromise in conventional security systems, such as password and Personal Identification Number (PIN) of customers, which has led to loss of funds. There is, therefore, a high demand for greater security for access to sensitive or personal information in banks.

    The CBN insists that the adoption of BVN as a condition for the purchase of forex is expected to reduce  multiple purchases, round tripping and illicit transfer of funds. It will also facilitate the enforcement of authorised limits for forex sales to end users, sanitise the retail segment of the market and engender policies that will facilitate better allocation of forex, based on genuine demands.

    It insists that BVN provides the unique identity of each customer for the purpose of achieving effective “Know Your Customer” (KYC) principle and fraud prevention.

    It says the BVN is neither a payment instrument nor an account number and, therefore, cannot be used to access any account by unauthorised users. The banks, BDC operators and regulators use BVN to validate the identity of a customer, using finger prints and photographs obtained at the point of enrolment.

     

    Enrolment continues

     Although the registration deadline elapsed on October 31,  stakeholders, including banks, have continued to urge customers to  register. The Consumer Right Awareness Advancement and Advocacy (CRAAAI) also urged Nigerians to register for their BVN.

    Its Chairman, Mr. Moses Igbrude, who spoke at a stakeholders’ forum on identity management in the economy, said identity management is a broad administrative area that deals with identifying individuals in a particular system.

    He listed the system to include country, network, or an enterprise and controlling their access to resources within that system by associating user rights and restrictions with the established identity.

    He added that the role of technology in modernising the sector has witnessed a paradigm shift from the traditional methods of banking to digital channels, which involve enormous levels of electronic data capture (EDC) of customer’s information. “Everybody needs security; if people are identified before they commit any crime, they  will be identified easily,’’ he said.

    Many of the bank customers, who spoke  said although the deadline had elapsed, the continuous registration exercise supported by the CBN is a welcome development. Sadiq Moshood, a tailor based in Mushin, a suburb of Lagos, said restrictions on unregistered customers’ accounts are already enough punishment, and urged unregistered customers to do so. “I think it is in the overall interest of the banks and customers that the BVN project succeeds,” he said.

    Another customer, James Chukwu, said he has enrolled on the BVN network because he does not want to expose his account to fraudsters. “I understand the BVN will help protect my account from fraudsters and make it easier for all my accounts in every bank to be linked. I believe the exercise will help promote banking security,” he said.

    The apex bank has directed banks to ensure uninterrupted enrolment of customers on the BVN platform. Its Director, Corporate Communications, Ibrahim Mu’azu, said although the time frame for the initial enrolment has elapsed, the exercise continues indefinitely.

    He said customers who were yet to register are to do so to avoid restrictions on their accounts.

    “Account holders, who are yet to obtain their BVN, are enjoined to register at their banks. There are two steps in the BVN process. The first step is to obtain a BVN, while the second step requires the account holder to link the BVN with his or her bank account(s),” he said.

    Mu’azu said an individual can enrol for a BVN without necessarily having an existing bank account. Such individual can then submit the acquired BVN at any bank he/she wishes to open an account.

    He said linking BVN to other accounts is a one-stop-shop, which enables account holders to register and link their BVN to their accounts at one location, irrespective of the banks in which they have their accounts. All these are aimed at making the process as seamless as possible.

    “The BVN is neither a payment instrument nor an account number and therefore, cannot be used to access any account by unauthorised users,” he said.

    The BVN was introduced in collaboration with the Bankers’ Committee on February 14, last year, to ensure a unique identity for all bank customers and other users of financial services with the use of the customers’ biometrics. Initially, it was estimated that all customers would, within a period of 18 months, complete enrolment in the new system of customer identification. The enrollment for the scheme can be done in banks across the country.

    The Nigeria Interbank Settlement System (NIBSS), which guides the modalities of the project, is working on ensuring the success of the exercise by collaborating with telecoms firms to create a platform through which bank customers can confirm their registration status.

     

    Telecom operators step in

     Already, NIBSS has collaborated with one of the country’s telecoms service providers, Etisalat to roll out the BVN Query Service.

    Speaking on the service, the NIBSS Managing Director, Ade Shonubi, said the initiative was in response to growing public demand for confirmation of BVN status by those, who have enrolled on the platform. He added that the BVN Query Service will boost such efforts like KYC for banks.

    Chief Marketing Officer, Etisalat Nigeria, Francesco Angelone, said the partnership with NIBSS on USSD BVN Notification Service was in line with the telco’s commitment to continue to create value for the consumers across all sectors, including the banking and telecoms industries.

    “We are happy to be the first to offer this product among the operators because we believe that innovation is the way the telecoms industry must lead,” Angelone said.

     

  • BVN for BDCs: Naira weakens to 234 against dollar

    The naira fell from 225 to 234 against the dollar at the parallel market on Monday, 10 days after the Central Bank of Nigeria (CBN) mandated Bureaux De Change (BDC) operators not to sell foreign exchange (forex) to customers without Bank Verification Numbers (BVNs).

    The policy implementation, which started on November 1, has reduced the volume of dollars sold by BDCs and created dollar scarcity in the market.

    However, the CBN has been able to monitor the naira’s movement at the interbank market, keeping it between 197 and 197.5 on the interbank market in the last one week.

    The CBN insists that the adoption of BVN as a condition for the purchase of forex is expected to reduce multiple purchases, round tripping and illicit transfer of funds, facilitate enforcement of authorised limits of forex sales to end users, sanitise the retail segment of the market and engender policies that will facilitate better allocation of forex, based on genuine demands.

    It insisted that the BVN provides the unique identity of each customer for the purpose of achieving effective “Know Your Customer” (KYC) principle and fraud prevention.

    It said the BVN is neither a payment instrument nor an account number and therefore, could not be used to access any account by unauthorised users. The banks, BDC operators and even regulators use the BVN to validate the identity of a customer, using some biometric information such as finger prints and photographs obtained at the point of enrolment.

    Also, BDC owners have called on the CBN to make forex transactions relating to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) exclusive businesses of BDCs. This call was made during the second BDC Owners Forum’s meeting held in Lagos last weekend.

    Presently, the banks and BDCs are being allowed to sell foreign exchange for PTA and BTA. The BDC owners, however, said: “The CBN should disengage banks from the sales of PTA and BTA and make it an exclusive preserve for BDC operation.”

    The BDC owners also called on the CBN to extend the deadline for use of BVN as criterion  for foreign exchange transactions. Consequently, they mandated the leadership of the Association of Bureaux De Change Operators of Nigeria (ABCON) to write a position paper on the CBN’s re-introduction of the BVN. “The position paper should seek for an extension in the deadline for compliance on the use of the BVN while emphasising the resolve of ABCON members to comply with the CBN circular and that we are indeed ready to partner with the regulatory authority on its monetary and fiscal policies”, they stated.

    The meeting however lamented the gap between the official and parallel market exchange rates and resolved to take measures to reduce the gap drastically.

  • BDCs begin BVN validation on NIBSS’ portal

    Bureaux De Change (BDC) operators have begun the validation of their customers’ Bank Verification Numbers (BVNs) on a portal created by the Nigeria Interbank Settlement System (NIBSS).

    The BVN, which captures customers’ biometric data, such as fingerprints, provides unique identification number for the customers and protects their accounts from unauthorised access, identity theft and fraud.

    NIBSS Managing Director Ade Shonubi, who disclosed this said the firm developed the platform to enable BDCs comply with the Central Bank of Nigeria (CBN) directive that BDCs customers provide their BVN before buying foreign exchange.

    The CBN had ordered that, with effect from November 1, customers desiring to purchase forex through all channels must provide their BVN, which shall be validated by the CBN authorised forex dealer through the NIBSS  platform before the transactions are consummated.

    The regulator said any authorised forex dealer that fails to provide the required information in its returns or provides a wrong BVN would be penalised; this may include the termination of the forex dealership authorisation.

    The policy, Shonubi said, is in line with CBN’s drive to stabilise the forex market, stem the rampant cases of forex leakages and illicit money transfer from the country.

    He said NIBSS had deployed two services on the Web and phone that would make BVN verification for BDCs customers and others as easy as possible.

    Explaining the process for the exercise, he said in accessing the phone for the verification, the first step is for customers to dial *565*1#, enter the BVN code type, date of birth and click on send. While for the Web portal, the customer need to type: www.nibss-plc.com.ng, a space will show where to enter the BVN code, date of birth and send.

    Shonubi said customers are charged N10 for phone transaction and N20 for the web portal which the customer would be required to pay either with credit card or internet banking.

    According to him, the essence of the verification is to checkmate sharp practices among BDCs operators and customers. He, however, noted that once a customer carries out the verification either on phone or the Web portal, such customer does not need to verify again when dealing with the same BDC operator.

    Data obtained yesterday from the NIBSS which handled the project, showed that over 2.5 million customers have so far enrolled on the BVN network and had their numbers linked to their accounts.

     

  • BVN: Customers close account

    BVN: Customers close account

    As the October 31st deadline for the enrolment for the Bank Verification Number (BVN) ended yesterday, many banks across the federation were swarmed with customers on Friday to complete their BVN just as many closed down their accounts to avoid any backlash.

    When The Nation visited some banks within Lagos metropolis and its environs, customers’ turnout was massively high.

    In Festac town, Mushin, Ikeja, Yaba, Maryland, Ojota, Ketu, Mile 12, Ikorodu and its environs, most of the banks were overflowing with customers who were desperate to be captured.

    At Zenith Bank premises in Matori, Mushin area of Lagos, bank officials sweat it out to enrol customers for the BVN, as most of the customers formed long queues.

    The Central Bank of Nigeria (CBN) had extended the deadline for the BVN exercise to October 31 after banks were inundated by last minute customers to beat the earlier deadline back in July.

    The Nation was reliably informed that the bank had anticipated the rush and had made provision with about three staff members handling the exercise of registering such customers outside while other banking activities went on inside.

    Adeolu Olugbemi, a customer in one of the new generation banks told The Nation that due to his busy schedules he couldn’t complete the BVN exercise hence he was forced to close down his bank account.

    He said, “several times I came to my bank with the intention of doing my BVN but each time I came the whole place was overflowing with crowd and since I couldn’t withstand the drudgery of standing on the queues for hours I had to close my account today (Friday). I can’t afford to face CBN penalty.”

    Another customer who simply gave his name as Stanley told our correspondent he also couldn’t complete the BVN. “I was at the bank yesterday (Friday), when I got there, they ask us to pick numbers and I was 120 on the queue. After waiting for over one hour it still didn’t get to my turn so I had to close my account with the bank as suggested to me by one of the bank officials,” he said.

    An official of Diamond bank in Wuse who also preferred not to be mentioned said although there was an upsurge of customers rushing to beat the deadline for the registration it was nothing compared to the previous deadline. She said the bank had made provisions and would ensure that they attended to all the customers at the bank for the registration.

    At GT Bank Area 3 Garki, over 20 customers were seen waiting to either register or submit their BVN to the bank. One of the bank’s customers, Miss Onyeche Audu said, “I am just entering the bank and I am sure I will leave here soon because the bank is really managing the crowd.”

    However, there were very few customers trying to carry out the BVN registration at Eco, Zenith, Fidelity, Stanbic IBTC and Unity banks.

    Speaking with a cross-section of the officials of these banks, they confided in The Nation that they were optimistic that “after the registration, the CBN would get the cards ready after which the banks would distribute them to their customers.”

    Meanwhile, a few hours to the close of banking business on Friday, the CBN issued a statement warning unsuspecting customers of the activities of those it described as “certain unscrupulous individuals sending unsolicited mails and text messages to unsuspecting bank customers, alerting them to the deactivation or suspension of their bank accounts due to uncompleted Bank Verification Number (BVN) registration process.”

    The apex bank warned individuals and the general public that such “messages are intended to lure bank account holders to reveal their personal details with which the fraudsters could use to defraud them.”

    The CBN and deposit money banks nor their employees or agents the statement said “would mever call bank customers or send e-mail/text messages requesting for passwords, card details or personal identification number (PIN).”

     

     

     

  • BVN for BDC customers

    BVN for BDC customers

    With the forex restriction policy settling down, the CBN has disclosed that from November 1, prospective buyers of foreign currencies must show their Bank Verification Numbers (BVN) to banks and BDC to get approval for their transactions.

    The BVN gives each bank customer a unique identity across the banking industry and protect the customer’s account from fraudsters.

    Its Director, Financial Policy and Regulation, Kevin Amogu, said the development would allow the CBN to plug leakage of forex out of the country.

    “With effect from November 1, 2015, the BVN of all customers desiring to purchase forex through all available channels in Nigeria must be validated by the CBN authorised forex dealer through the Nigerian Interbank Settlement System (NIBSS) platform before the transactions are consummated,” he said.

    Gwadabe said the BDC segment of the market has been in disarray over the directive.

    He said the NIBSS portal required by the BDCs to implement the BVN directive was not available, but wondered why the CBN insisted that the portal must be used.

    The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in the country.

    But Mu’azu defended the policy, saying the request that BDC customers provide their BVN will control illicit financial flows.

    “The BDCs are licenced to operate within the law. There is nothing wrong with the operators demanding from their customers their identity and where the purchase of forex is for school fees, they need to provide invoices from the foreign schools,” he said.

    He said funds from BDCs should not be used to fund imports but to address immediate travel needs. Importers, he said, should open Letters of Credit (LCs) for Form ’M’ or Form ‘A’ for goods and services imports respectively.

    A commercial LC is a contractual agreement between the issuing bank, on behalf of one of its customers, authorising another bank to make payment to the beneficiary.

    The CBN director said the BDCs should not be the ones to complain, but their customers.

    Besides, the apex bank has strengthened its card payment rule, ordering that naira-denominated corporate cards should not be allowed for cross-border payments.

    Its Director, Banking and Payment System, ‘Dipo Fatokun threatened to sanction banks that violate its $50, 000 annual spending limit on ATM withdrawals overseas with naira-denominated cards.

    Findings showed that some banks are already cutting down on the $50, 000 limit 50 per cent, an indication that regulatory monitoring is low.

    Fatokun, however, advised all authorised card issuers, especially Deposit Money Banks (DMBs) to note and implement the policy or risk being sanctioned. He said the daily limit of $300 or its equivalent must also be implemented.

    The CBN has stopped BDCs from funding import transactions in any form, either by cash or wire transfer.

    It has also limited BDC’s dollar sales to individual to a maximum of $5000.00 which must be for the Business Travel/Personal Travel Allowance.

    The regulator also promises to investigate travellers, breaching the rule on $10, 000 maximum cash or negotiable instruments across the borders.

    It said the transportation of cash or negotiable instruments in excess of $10, 000 or its equivalent by individuals in or out of the country shall not be allowed, unless such funds are declared at the borders.

    The bank expressed concerns on the increasing trafficking of huge sums of foreign currency across the borders in defiance of the extant dictates of Section 2 (Sub-Section 3 to 5) of the Money Laundering (Prohibition) Act 2011 (as amended).

  • BDCs fault use of BVN for forex transactions

    Association of Bureaux De Change Operators of Nigeria (ABCON) has faulted the Central Bank of Nigeria (CBN’s) decision to make biometric verification number (BVN) a requirement for foreign exchange transactions.
    The CBN forex, issued a circular stipulating the use of BVN for all forex transactions from November 1. It also said it would discontinue the sale of forex to BDCs, which fail to provide BVN of its directors by that date.
    In a statement, ABCON faulted the November 1st deadline, saying it is too close. It also said making BVN mandatory for foreign exchange transactions, so soon, without adequate publicity, training and other measures will enhance activities of the parallel market operators and widen the gap between the official exchange rate and the parallel market exchange rate.
    According to the statement, “The return of the CBN directives on the use of BVN on sales of foreign exchange to BDC clients will lead to confusion and delay in the use of applicable codes for processing of ‘Form M’.
    If adopted, the policy will also lead to cancellation of foreign credit lines by correspondent banks; increase mistrust between regulators and operators and increase misery level of majority of Nigerians already in a significant poverty level.
    The policy shift, it added, would lead to decline in public confidence in CBN’s ability to sustain its macroeconomic objectives; set the pace for growing foreign interference in Nigeria’s monetary policies; loss of jobs; increased fraud and other related financial crimes.
    The association noted that while it is not totally opposed to the use of the BVN for foreign transactions, it believes that the November 1st date is too early for such policy, in view of the preparations required for smooth implementation.
    Consequently, the association, among other things, recommended some measures that would facilitate the introduction of BVN for foreign exchange transactions.
    “The CBN should resume training of BDC operators for the use of the BVN platform, and there should be massive sensitisation of the public on the new policy. There should be a CBN/ABCON taskforce to monitor compliance and eliminate non-compliant BDCs, adding that this must be complimented with enhanced security surveillance at the airports and boarders,” it said.
    The association also called for harmonisation of the different operational guidelines by the CBN and the National Financial Intelligence Units (NFIU), as well as a review of the scope of BDC operations as defined by the CBN guidelines to reflect current market realities.
    The group has also written to the apex bank governor, highlighting the various factors responsible for the sudden rise in the parallel market exchange rate from N212 to N224 per dollar within the last three weeks.

  • BVN: CBN won’t extend October 31 deadline

    BVN: CBN won’t extend October 31 deadline

    The Central Bank of Nigeria (CBN) yesterday ruled out any extension of the October 31 deadline for customers to register for their Bank Verification Number (BVN).

    It urged those yet to be captured to do so before the deadline expires in six days.

    The BVN which had been on for over six months initially ended on July 30 but was extended by additional three months following calls from many customers who could not register within the period

    Appealing to those not yet captured under the scheme to ensure they don’t miss out on the re-scheduled deadline, the apex bank said there is no need for people to wait until the last day before going for the registration

    Deputy Director, Consumer Protection Department at the CBN, Hajia Khadija Kasim,  addressing stakeholders at a one-day sensitisation fair in Ibadan said the BVN, with the cashless policy, will go a long way to help the apex bank and other banks in the country to tackle the issue of money laundering in the country

    “The initial deadline was June 30th before we extended it to end of October. By now we expect all Nigerians to go before the expiration date and get their Bank Verification Number. Please Nigerians, come out and ensure that within the few days left for the registration, you are registered for the exercise,” she said .

    Explaining how the cashless policy and biometric registration will help check money laundering and fraudulent transactions in the banking sector, the deputy director assured that the two policies which goes hand-in-hand will help make the identity of money launderers and fraud perpetrators easier to nab

    She said: “You will see some inter-relationship between our cashless policy and the need for us to have our bio-metrics. When you are now registered as a bank customer and your details are there, it will be very difficult for somebody to use that account for any fraudulent activities.

    “So, if any fraudulent activity takes place there, we will be able to trace the owner of the account. The situation where we have faceless people carrying out money laundering or fraudulent transactions will be reduced to the barest minimal.”

    Commending the cashless policy which has gone full scale all over the country, the deputy director said people are now getting enlightened on the need not to carry cash about by using electronic platforms to do their business transactions anywhere within and around the country.

    She said: “We started the cashless policy in areas that have large volume of money transaction but now it has been extended to cover the whole country and our people are now getting better enlightened by the day.”

     

  • CBN maintains BVN deadline

    CBN maintains BVN deadline

    The Central Bank of Nigeria (CBN) on Thursday called on all bank customers, who are yet to register for their Bank Verification Number (BVN) to do so before the expiration of the deadline.
    With just  six days to the October deadline set by the apex bank, it said it will no longer extend the deadline after the October date.

    The BVN exercise which had been on for over six months initially ended on July 30th, 2015 but was extended by an additional three months following calls from many bank customers who could not register within the period.

    Appealing to those not yet captured under the scheme to ensure they don’t miss out on the re-scheduled deadline, the apex bank said there is no need for people to wait until the last day before they go for the registration.

    Hajia Khadija Kasim, Deputy Director, Consumer Protection Department, while addressing stakeholders at a one-day CBN sensitisation fair in Ibadan, said the BVN coupled with the cashless policy will go a long way to help the apex bank and other banks in the country tackle the issue of money laundering in the country.

    “The initial deadline was June 30th before we extended it to end of October. By now we expect all Nigerians to go before the expiration date and get their Bank Verification Number. Please Nigerians, come out and ensure that within the few days left for the registration, you are registered for the exercise, she said.

    Explaining how the cashless policy and biometric registration will help check money laundering and fraudulent transactions in the banking sector, the deputy director assures that the two policies which goes hand-in-hand will help make the identity of money launders  and or fraud perpetrators easier to nab.

    “You will see some interrelationship between our cashless policy and the need for us to have our bio-metrics. When you are now registered as a bank customer and your details are there, it will be very difficult for somebody to use that account for any fraudulent activities.
    “So, if any fraudulent activities take place there, we will be able to trace the owner of the account. The situation where we have faceless people carrying out money laundering or fraudulent transactions will be reduced to the barest minimal”, the deputy director explained.

    Commending the cashless policy which has gone full scale all over the country, the deputy director, said people are now getting well enlightened on the need not to carry cash about, but using electronic platforms to do their business transactions anywhere within and around the country.
    She said: “we started the cashless policy in areas that have a large volume of money transaction, but now it has been extended to all over the country and our people are now getting better enlightened by the day” adding that the CBN fair organised for the stakeholders is part of the efforts of the apex bank to educate and enlighten members of the public on the activities of the apex bank.

    The event which held at the Jogor centre Ibadan had in attendance farmers, government officials, representatives and members of different cooperative societies, deposit money bankers, micro-finance operators, physically challenged people who are willing to start Small and Medium Scales business, SMEs operators, representatives of the student community and the general public.
    Policy issues bothering payment system vision (PSV 2020), mobile payments, agent banking, E-payment incentive schemes, BVN and cashless Nigeria were discussed among by resource persons from the different department of the apex bank while the attendees also had their questions answered.

    In a presentation entitled “Payments System: Cashless Nigeria and Consumer Protection”, another official of the CBN, Mr. Caleb Orji disclosed that the apex Bank would soon come up with initiatives for the visibly impaired persons to enable them operate their bank accounts effectively.
    In another presentation on Rights and Duties of Bank Customers, another CBN official, Mr. Damola Atanda warned Nigerians to be safety conscious in the handling of their bank documents, including the ATM cards since, according to him, “unscrupulous people have started using other peoples accounts to perpetrate fraudulent activities”.

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  • BVN, condition for pension collection

    BVN, condition for pension collection

    The government of Akwa Ibom State has said pensions and gratuity will only be paid to pensioners who have registered for their Bank Verification Numbers (BVN).

    Commissioner for Information and Communications Mr. Aniekan Umanah said the decision was reached during the State Executive Council meeting in Uyo.

    “Eligible pensioners are required to submit their BVN at their various sub-treasury offices, latest by October 25 to guarantee the payment of their entitlements.”

    Mr. Umanah said in taking the decision, the excos took cognisance of the fact that the exercise was due to end on October 30, hence, the need to have all pensioners registered before the deadline to avoid untoward consequences.

    He also said the Ministry of Youth and Sports had been directed to ensure that corps members were posted to schools for proper utilisation and effective integration with the people.