FG to Link BVN with National ID Card by 2016, As Mobile Money Transactions hit N815Bn
Editor
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, represented by the Chief Risk Officer, NIBSS, Mr. Osioke Ojior, 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.
Meanwhile, in his presentation, the Director of Banking and Payment System at the 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, while mobile money subscribers stood at 24,389,263. Total volume of transactions stands at 76,952,409 while transaction value stands at N815,464,917,062.94 (N815bn).
Fatokun, pointed out that in Nigeria, as well as other developing countries, majority of the unbanked population rely on cash or informal financial services which are typically unsafe, inconvenient and expensive.
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, is leading 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.
