The federal government has disclosed its plan to link bank customers' bank verification numbers (BVN) with their national identity card data from next year.

Managing Director, Nigerian Interbank Settlement System (NIBSS) Mr. Ade Shonubi, disclosed this in a paper presented at the ongoing workshop for financial journalists organised by the Nigeria Deposit Insurance Corporation (NDIC) in Ilorin, yesterday.

Shonubi, who was represented by the Chief Risk Officer, NIBSS, Mr. Osioke Ojior, spoke on "Managing Risks of e-Banking."
He said the move would further strengthen efficiency in Nigeria's payment system.
According to the NIBSS boss, the objective of the BVN 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 the point of transactions.

The BVN scheme was launched in 2014. Shonubi noted that the benefits of the BVN project include credit check, know-your-customer, fraud management and transaction authentication. However, he listed categories of risks in the payment system to include strategic, preventable and external.

Meanwhile, in his presentation, the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, put the total number of agents enrolled in the mobile money sub-sector as at September 30, 2015, at 98,158. Also, the total number of mobile money subscribers as at the end of September was put at 24,389,263, with total volume of transactions at 76,952,409 and transaction value at N815,464,917,062.94.

Fatokun, pointed out that in Nigeria, as well as other developing countries, majority of the unbanked population have rely on cash or informal financial services which are typically unsafe, inconvenient and expensive.

Fatokun, whose paper was presented by an Assistant Director at the CBN, Mr. Olusola Agboola, said the CBN, noted the rapid growth of mobile telephony in Nigeria (over 120 million subscribers, according to the Nigerian Communication Commission), and the fact that majority of the unbanked have access to mobile phones. This, he said led to the adoption of mobile money in the country.

"One of the cardinal objectives of introducing mobile money in Nigeria is to stimulate financial inclusion. Financial inclusion enables underserved people and communities to have access to financial services that would enhance their economic opportunities; boost productivity in various sectors and, contribute to economic growth," he added.

http://www.thisdaylive.com/articles/fg-to-link-bvn-with-national-id-card-by-2016/223287/

Amen

Confused people

Ok

Everything is now having a "central processing unit"

bigtt76:
Confused people

the two are on your bvn forms,so there is nothing confusing about it.

Lol, unfortunately there will be no Nigeria by then. Everybody must have answered his fathers name

Nigerians are about to be introduced to the world of social identity theft....dead people will soon be making purchases

The end is near... Anti Christ is warming up

Goooood

Diegobonito:
Lol, unfortunately there will be no Nigeria by then. Everybody must have answered his fathers name

lol. Very funny

Diegobonito:
Lol, unfortunately there will be no Nigeria by then. Everybody must have answered his fathers name

lol. Very funny

At END what God said in the Quaran and the Bible that would be happening this TIME will be coming to past. I see the hands of the Beast in this THING


I will not register for the so call Anti-Christ

Quaran and Bible against it.

the "evil" of that will be?

Should get mine 2mao really

Same old story
..

Good move,especially for identity management .

Whatever... let them just make sure people intels are well secured because some idiots might start nosing around about people privacy through them.

GEJ is still working

End time things...

dia is no gtb here in nsukka, don't know wat to do, because I have already applied for Bvn in other bank. pls hw do I connect it to my account wen d bank isn't available

GOOD ONE

I know that and that's the reason I said they're confused. They should have linked it to the National ID database from inception through a web service. That way before your BVN is captured as a Nigerian citizen, it must verify your identity. Doing it as an after thought would create a lot of discrepancies in records not verified.

baralatie:

the two are on your bvn forms,so there is nothing confusing about it.

Good news, watch out for some that will say this is a sign of the end time

When Buhari wan start monthly allowance he promised unemployed youth

End time..may God help us.

On d last day

Ofege. Na today?
Hpw credible and comprehensive is the national ID card database?

Don't be in a haste to do this things. It will fail.

As if I knew