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Home Business News

CBN reveals total number of accounts with BVN

Fikayo Owoeye by Fikayo Owoeye
May 2, 2018
in Business News, Politics
Recession in Nigeria, CBN governor - nairametrics

Godwin Emefiele, CBN Governor,

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The Central Bank of Nigeria (CBN) has revealed that no fewer than 31 million account customers have been captured in its Bank Verification Number (BVN) exercise.

The CBN Director, Banking and Payment System, Dipo Fatokun, noted that the bank has also linked a total of 43,959,282 bank accounts in the BVN project.

“As at December 2017, the implementation of the BVN Project recorded 31,426,091 registered BVNs and 43,959,282- accounts linked with it,’’ he said.

Why it is important

  • According to him, the BVN has helped to increase deterrent controls on financial transactions and reduce or mitigate fraud risk and identity theft.
  • He also noted that it has created avenues for people who cannot write a regular signature to make financial transactions, thus, facilitating financial inclusion
  • It has also helped in the provision of the unique identity for customers in other areas such as credit check, and non-repudiation of transactions

Recall that the CBN in collaboration with the Bankers’ Committee launched the Project on February 14, 2014, with a biometric solution, as a unique identifier for all bank customers.

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Following the expiration of the deadline for enrolment exercise by bank customers, the Federal Government got a court order on the temporary forfeiture of such cash within two weeks unless the owners justify their ownership of such accounts.

This, however, did not go down well with the commercial banks who in a joint suit challenged and later got an interim order which set aside the earlier ruling on the forfeiture.

 

 


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Tags: Bank Verification Number BVNDipo FatokunNews Review
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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