₦airaland Forum

With the advent of BVN policy CBN has ignorantly failed to consider some factors which can negatively influence the project and might create a banking tsunami in our country Nigeria. Here are some of their mistakes;

1) demand deposit; a demand deposit is a contractual agreement between the bank and customer and it is stipulated that a customer, on demand, must be given his/her deposit. This function stimulates customers to deposit their hard earned money for the purpose of safe keeping. There had been no certain BVN in the agreement signed by the customer. It simply means that the bank functions as a safe for customers. There are channels which the customer can retieve his/her demanded deposit (cost of transaction might be paid for e.g acquiring ATMs, cheque books, etc), it is the primary function of bank to release the demand deposit or else, the bank would violate its duty to its customers.

2) BVN project does not transcend odds; am beginning to believe its in Nigerian's nature to queue or rather, make people to queue thereby creating uncomfortable life for its citizens. I as a person, have applied for USA visa via online years ago, most recently, I have successfully applied for european visas online too. Its not easy though, but it was made available online and quite efficient too. Why can't CBN follow suit? To register for your MTN, etisalat , etc line, all you have to do is walk down to any outlet (or just a regular stop), you can get your biometrics done and efficiently too. One wonders, why you have to travel all the way from ghana,so as to get your bvn, or the need to carry a person suffering from stroke,to the bank. The process does not transcend odds for customers who are helpless in going to banks for their BVN, it only considers the customers opportune to go to their banks. This idea is a tear in the parachute! This brings us to our next point

3) Failure in social responsibility; CBN and commercial banks have chosen the cheapest option of initiating the BVN project. The process which could have influenced positively; their social responsibility, would have been to dole out laptops and recruit jobless youths to help customers to acquire their BVN, but that is not supposed to be, they rather add more stress and pressure to the poor customer service workers, who already have more than they can chew, at a ridiculous salary also!

4)Negative reaction from public due to inadequate information; I was in the bank last week when the woman in my front told me she wanted to withdraw all the money in her account due to this BVN ish, she said that she rather takes her money. Home and be sure of its safety, I felt weak. Imagine lots of customers also in the same perspective? Whatever happens to adequate information telling customers that their deposit is still safe and will be given back when demanded (only for those using ATM and online services). Many banks will lose deposits because of these. This brings us to our final point

5) Insecurity; with the advent of rampant bank robberies, customers on queue for their BVN increases the risk of being involved in a bank robbery, the bank as well stands a security risk due to the increased number of customers in and outside of the banking hall.



Shall I continue?

Ok, I rest my case here.

CC: tallesty1. (Aka, I got my BVN long ago and I don't know why other nigerians did not)

Mizmycolli

Ishilove

Lalasticlala

Tomfrench I see you! prince of guara guara !

Barcanista

Obiagelli

Ngeneukwenu

Seun fp please

I support you. I actually thought about all this and wonder especially if the banks actually calculated the risk of the queue

@OP it shall be well with you. The CBN should mandate the banks to take registration closer to people by operating moobile registration centers. The customer that deposited HIS own money should not be subjected to extra suffering in the name of BVN registration. The banks need these customers more than the customers need the banks. The economy need these customers and we must encourage tham and not subject them to suffering. How will people leave their jobs and businesses to queue up in a bank for some registration? CBN must act fast before customers resort to pulling out their deposits from banks. We all know the effect that will have on the economy and the financial sector if it happens. I pray it doesn't.

barcanista:
@OP it shall be well with you. The CBN should mandate the banks to take registration closer to people by operating moobile registration centers. The customer that deposited HIS own money should not be subjected to extra suffering in the name of BVN registration. The banks need these customers more than the customers need the banks. The economy need these customers and we must encourage tham and not subject them to suffering. How will people leave their jobs and businesses to queue up in a bank for some registration? CBN must act fast before customers resort to pulling out their deposits from banks. We all know the effect that will have on the economy and the financial sector if it happens. I pray it doesn't.

barcanista my brother!

Its quite an honor for you to comment on my thread except that sometimes I quietly disagree with your school of thoughts! But more recently I appreciate you (just as a political analyst, no homo )

Its quite sad that some few ride on our back and we (as a people) are reduced to punching bags... Heard that some peops fainted all because of this same BVN, some would have increased BP and even some would ( or will ) die from this exercise, and nobody is to blame. What a shame!

timawoku:
barcanista my brother!

Its quite an honor for you to comment on my thread except that sometimes I quietly disagree with your school of thoughts! But more recently I appreciate you (just as a political analyst, no homo )

Its quite sad that some few ride on our back and we (as a people) are reduced to punching bags... Heard that some peops fainted all because of this same BVN, some would have increased BP and even some would ( or will ) die from this exercise, and nobody is to blame. What a shame!

it's a shame that citizens don't know their right, the CBN and banks are good at taking advantage of customers' ignorance.