Mohammed Shosanya
The Nigeria Inter-Bank Settlement System Plc,has estimated that a total number of issued Bank Verification Numbers rose to 57.96 million as of July 3,this year.
It said,the increasing incidents of compromise on conventional security systems (password and PIN), had increased the demand for greater security for access to sensitive or personal information in the banking system.
According to the NIBSS,in recent times, biometric technologies have been used to analyse human characteristics as an enhanced form of authentication for real-time security processes.
It stated that BVN gave a unique identity that could be verified across the Nigerian banking industry (not peculiar to one bank), and ensured that customers bank accounts were protected from unauthorised access.
It said:“It will address issues of identity theft, thus reducing exposure to fraud. The BVN will enhance the banking industry’s chances of being able to fish out blacklisted customers.”
It added that the BVN is an acceptable means of identification across all Nigerian Banks. Since launching in 2014, 57.96 million Nigerians have now got BVNs. Data from NIBSS indicated that there were 133.5 million as of December 2021.
