The bank’s Director, Banking and Payment Systems Department, Dipo Fatokun made this known at the bi-monthly forum of the Finance Correspondents Association of Nigeria in Lagos.
Fatokun said the apex bank was considering having the customers of such other Financial Institutions enrol for the bank verification numberthrough deposit money banks, because of the high cost of procuring the machines.
“We also expected that many of the other financial institutions customers, who already have their BVNs will supply the data to their banks, while others without BVN will register afresh,” he stated.
Reducing bank fraudThe Bank Verification Number project, which is being coordinated by the CBN, commercial banks and the Nigeria Interbank Settlement System has helped reduce the number of bank frauds in the industry.
According to Fatokun,“I want to assure you that the BVN has assisted us a lot in the banking system. It has assisted us to check frauds, and we are working on a framework, that will enable us if not to blacklist customers, because of some legal implications, but at least to watch-list a customer that is identified to have been fraudulent, or have done what he is not supposed to do across the banking sector.”
The number of Bank Verification Number linked to customers’ accounts as at August 23 2016 was36.7 million, while the total number of individual customers in the banks was reported as 59.9 million as at the same date.
No comments:
Post a Comment
Please share your thoughts by clicking on POST A COMMENT link or posting in FACEBOOK COMMENT BOX above:
DISCLAIMER:
Opinions expressed in comments are strictly those of the comment writers alone and does not reflect or represent the views of PoliFocus.
Calling the CONTACTS on the comments is at your own risk, PoliFocus is not liable for any SCAM that may arise in the course of that.