The Nigeria Interbank Settlement System (NIBSS) and an international technology firm, OIS Services, have extended the Bank Verification Number (BVN) registration to account holders in the United States of America (USA), United Kingdom (UK), China and India.
This was disclosed at the weekend by the NIBSS Managing Director/CEO, Ade Shonubi during a meeting with the reporters at the weekend, in Lagos.
He said that 18 million bank accounts have been enrolled since the project began over a year ago and that it is the primary responsibility of all stakeholders to ensure that bank customers are identified and their accounts fully secured.
Shonubi explained that the BVN enables each individual to have a single identification within the financial system and gives each customer maximum protection and security of transactions. “In many advanced countries, biometric technologies have been used to analyse 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 among others. The customers unique BVN is accepted as a means of identification across all banks,” he said.
He said that the handler of the offshore BVN Registration, OIS Services, is experienced on the job, given that it had conducted similar exercises in other countries before.
Shonubi said the firm was engaged because in many countries, the law prevents data of their nationals captured abroad and that OIS Services is already conducting the registration exercise at the Nigerian embassies in those countries.
“We looked at the Nigerian embassies and we were confident that they can help implement the project. We also looked at the issue of cost. We made applications to some countries, and we are waiting for approvals. We need people who are already on ground and OIS was duly qualified,” he said.
He said that NIBSS data will remain local, for its own protection and that a 50 Pounds Sterling fee is to be paid by bank customers registering abroad.
He said the collaboration between the Central Bank of Nigeria (CBN) and banks have helped to get more customers enrolled within the West Africa sub region, adding that Ecobank Plc and Diamond Bank Plc are all involved in the West African registration.
Head, BVN Project in NIBSS, Seyi Ademonsu said that to achieve a seamless registration process, OIS Services is now conducting appointment booking for bank customers in the UK, who are required to enroll with after providing their identity cards.
He said that BVN gives a unique identity that can be verified across the banking industry making it easier for customers’ bank accounts to be protected from unauthorised access. It is expected to address issues of identity theft, and reduce exposure to fraud in the banking sector.
Adenmosun said the BVN would also provide a uniform industrially accepted unique identity for customers and authenticate transactions without the use of cards using only biometric features and PIN.
Collaborating Bankers’ Committee position, Adenmosun said “the enrolment process is simple and easy”. He explained those banks customers are expected to walk into any branch of you’re their bank, fill and submit the BVN Enrolment form and also do data capturing (such as fingerprint, facial image among others.
He said an acknowledgment slip with the transaction identity is issued to the customer. Within 24 hours, the system confirms the application, the BVN is generated, and SMS is sent to the customer for pickup.
He said a customer can only enroll once, while his BVN will be linked to all his bank accounts across Nigeria banks. “The BVN solution is to ensure accountability, protect bank customers’ account from unauthorised access, reduce exposure to fraud, check identity theft, enhance credit advancement to Bank customers, and also encourage financial inclusion,” he said.
He said the initiative addresses issues of identity theft and ensures that your bank accounts is protected from unauthorised access, thus reducing your exposure to fraud. It will also promote a safe and sound financial system in the country, especially as it will keep records of suspected fraudulent individuals in the banking system.
“It will make life and banking operations easy for bank customers as BVN is accepted as a means of identification across all banks in Nigeria. This will improve speed of service and reduce queues in banking halls.
At the point of enrolment, individuals shall be required to submit an acceptable means of identification, and update their information at the bank branch physically. Customers of banks will be required to enroll within a fixed period after which they shall no longer be able to operate their bank accounts,” he said.
