Importance of BVN in Nigeria is discussed herein. Bank verification has curbed the many mayhems associated with bank theft.
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BVN is an acronym for Bank Verification Number. As part of the Central Bank of Nigeria’s (CBN) initiative and efforts at reducing illegal bank transactions in the country, BVN which is a biometric Identification system has been put in place to ensure transparency.
With the increasing number of fraudsters and victims of fraudulence, the Bank Verification Number is something that can bring Nigerians relief and security because it aims at reducing illegal and shady bank transactions to the barest minimum, if not to completely eradicate it
Through Bank Verification Numbers, financial institutions are able to register the fingerprints and faces of their customers.
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These physical features are used to trace a person in the event of suspicious transactions. These days, accounts are accessed mainly through Bank Verification Numbers and this has gone a long way in strengthening our banking system in Nigeria.
A multi-account owner whether within a bank or in several banks, needs only Bank Verification Number. This article talks about the importance of a Bank Verification Number in Nigeria.
Importance of BVN in Nigeria
1. A more secure banking option for customers
The security of bank transactions was under serious threat with the increasing number of fraudsters. While this is no longer the case, the fraudulent activities have greatly reduced and it is hoped that such activities will be completely eradicated in subsequent years.
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2. Centralized bank data of all customers helps banks to know the banking history of an individual requesting a loan
Before BVN was put in place; it was possible for a customer to go to another bank and obtain a loan even when he or she has not paid up a loan in one bank. This is beneficial to banking institutions and ensures that they do not lose money.
3. Reduction of fraudulent and illegal banking
Bank Verification Number is a step up in Nigeria’s national financial intelligence and more improvements must be made to guide this innovative step from hackers so it can continue to deal with illegal banking’s deadly blows till it becomes history.
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4. For those who can neither read nor write, the Bank Verification Number makes allowance for them with the use of fingerprints and physical features. This enables even the stark illiterate to operate in financial safety.