The Bank Verification Number is an idea of the Central Bank of Nigeria introduced on February 14, 2014 to centralize Nigeria’s banking data system through the collection of biometric information of customers which include fingerprints and signature.
This idea has been met with mixed feelings by bank customers. Hence, making some of them skeptical to register.
Unfortunately for many, the race to register for BVN will end on October 31st, 2015 as the deadline draws nigh. Some are still yet to register as they prefer doing things at the last minute and probably because they are yet to fathom the reason why they should register. Jovago.com, Africa’s No 1 hotel booking portal shares reasons why you should register for BVN.
To check Fraud
Credit card fraud, identity theft, issuance of dud cheques and other banking fraud can easily be checked with the use of the BVN number as it is unique to every bank customer. Interestingly, it will also make banking fraud difficult as the perpetrator can easily be traced and caught.
The BVN number is unique to every bank customers. As a result, the identity of that customer can easily be verified at any bank regardless of whether their accounts are domiciled in that bank on not. It creates a central database that can be accessed by all banks by mere entering the BVN number into their computer system.
Track Loan defaulters
Some bank customers including the influential ones are fond of gallivanting from one bank to another soliciting and collecting loans. They use this trick to delay the settlement of loans at banks. With the BVN number, the indiscriminate collection of loans will be halted.
Fraud will drastically decline with the use BVN. As an added advantage, blacklisted and fraudulent customers can easily be apprehended across all the banks, thus preventing them from transacting business with banks. This system will sanitize Nigeria’s banking system.
Registration ends on October 31st
The final deadline for registration is October 31st. Without your BVN, your online/mobile transactions will be restricted and you will also have limited access to loans. So, hurry and to register for your BVN now! It may not be extended again.