Friday, 14 February 2014
The Central bank of Nigeria today launched the second phase of the Bank verification Number( BVN) Project.
The project seeks tol improve and strengthen the ‘Know Your Customer ’(KYC) process of the banking industry.
The BVN is a biometric authentication of bank customers using Point of Sale and Automated Teller Machines. It is designed to ensure the safety of customers’ funds and avoid losses through compromise of Personal Identification Numbers (PIN).
The CBN Governor, Sanusi Lamido Sanusi, speaking at the launching in Lagos said that all commercial banks were expected to have captured biometric details of their customers nationwide in the next 18 months.
He further said the CBN would start issuing circulars to banks informing their customers to come in and register for the biometric authentication within one week as it would allow banks enrol and verify the identity of each customer from any point of transaction device.
The CBN Governor gave Nigerians the assurance that the new system, which was also expected to address the issue of customers forgetting their Personal Identity Number, would attract no charges to the customers.
Two banks have been selected to take charge of he smooth running of this project which will start from February 17 to March 31.
