The Central Bank of Nigeria and the bankers committee have launched the second phase of the Bank Verification Number (BVN) project.
The scheme will improve and strengthen the ‘Know Your Customer’ 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).
At the launch in Lagos, the CBN Governor, Sanusi Lamido Sanusi, said that all commercial banks were expected to have captured biometric details of their customers nationwide in the next 18 months.
He noted that the CBN would start to issue circulars to banks to inform their customers to come in and register for the biometric authentication within one week as it would allow banks to enrol and verify the identity of each customer from any point of transaction device.
The CBN Governor also assured Nigerians 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 run the pilot of this project which will start from February 17 to March 31.
