Nine Out Of 10 Nigerians Register For BVN-Poll | Independent Newspapers Limited
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Nine Out Of 10 Nigerians Register For BVN-Poll

Posted: Nov 19, 2015 at 12:41 pm   /   by   /   comments (0)

It has been revealed that nine out of every 10 Nigerians have registered for their Bank Verification Number (BVN) introduced by the Central Bank of Nigeria (CBN) while 88 per cent of banked Nigerians believed that the BVN will be beneficial to them.
This was revealed by a poll conducted based on a partnership between NOIPolls Limited and BusinessDay Media.
The poll revealed that banked Nigerians have a positive perception (72 percent) towards the BVN as they believe the BVN will improve ‘account security’, ‘control fraud/corruption’ and ‘monitor transaction and cash flow’ in Nigerian banks amongst other reasons.
On the other hand, some Nigerians  with opposite views indicated that the BVN is not important to them in any way because ‘they do not know the aim’  of the exercise, and that ‘it may enhance fraud’ among other reasons.
More findings revealed that the vast majority  about 88 percent of the respondents interviewed showed awareness of the BVN initiative, and 86 percent of banked respondents claimed that they have registered for the BVN with their respective banks while 14 percent of the respondents haven’t complied with the policy and the majority of respondents in this category mostly indicated they ‘haven’t had time’  to do so, while 9 percent claimed they were discouraged by the long queues in banks during the exercise.
However,  47 percent of respondents who have registered for a BVN confirmed they have linked their BVN with their other bank accounts, whereas some respondents who have registered their BVN have either not completely linked it to all their other accounts or have not linked it to their other accounts at all.
This finding supports the report from the Nigeria Interbank Settlement System (NIBSS), which disclosed that only 14.4 million BVNs have been linked to other bank accounts out of the total of 21 million BVN holders in the country.
Finally, while some Nigerians have clearly indicated the importance of the BVN to them as banked citizens, it is pertinent that more sensitization programs are carried out by stakeholders, on the importance of the BVN in the Nigerian banking system. This should be done with special consideration given to Nigerians who have low access to information, in order to ensure complete compliance to the BVN policy.
Bank Verification Number (BVN) is a data system that captures bank customers’ biometrics, such as fingerprints, facial structures and signatures and provides unique identification for them and equally protects their accounts from unauthorized access, identity theft and fraud. This has been embraced globally as a result of the incessant security breaches of the regular passwords and personal Identification numbers (PIN).
The BVN was launched in Nigeria on the 14th of February, 2014 by the Central Bank of Nigeria (CBN) after meeting with banks in the country. The major benefit of the BVN, among others, is that it is a centralized biometric identification system which gives a matchless identity to each banks customer and can be accessible across all Nigerian Banks, hence identity and fraud is put to check.
The initial deadline for BVN registration In Nigeria was June 30, 2015. The date was later extended to October 31, 2015 to ensure a smooth achievement of the registration process and to also accommodate the bank customers that were unable to meet up with the initial deadline.
Customers in the diaspora were also given the opportunity to enrol by providing various outlets for them overseas where they can register. It was initially chaotic as a large number of people trooped to the banks, waited on long queues to be enrolled by providing various outlets for them overseas where they can register. It was initially chaotic as a large number of people trooped to the banks, waited on long queues to be enrolled so as to beat the initial deadline, until it was extended till October 31, 2015 even as banks across country claimed to have registered about 21 million customers as at then. Recently, the CBN through its Director of Corporate Communications, Ibrahim Muazu directed all banks to continue the registration indefinitely and that the only restrictions on an account that is yet to be duly registered will be on ‘withdrawals’.