The Central Bank of Nigeria (CBN) has selected 1000 bank branches for the second phase of the registration of bank customers on the Bank Verification Number (BVN). Of this amount, First City Monument Bank Limited (FCMB) has announced that 44 of its branches in Lagos as well as at its head office were selected.
A statement quoted FCMB’s Executive Director, Service Management and Technology, Mr. Nath Ude, to have said that the bank’s head office branch and its Wuse Zone four branch in Abuja, which were both selected during the first phase are fully carrying out the exercise as well as 42 others.
Ude said all the banks’ customers, including staff members were required to enroll and obtain their BVN. The exercise which has been described as seamless only requires a valid means of identification such as national identity, international passport or driver’s` license. “Any bank customer can go for the BVN registration at any of the selected bank’s branches but not necessarily restricted to where his or her account is domiciled.
“Every customer can only enroll once while it takes an average of five to seven minutes to complete the exercise. A simple form is then issued to the customer to fill is to be completed and enrolment receipt or ticket is issued after the enrolment,” he said.
Also, at the end of this exercise, the customer receives an sms stating his or her BVN within 24 to 48 hours.
The exercise is expected to achieve verification and secure authentication of the identity of bank customers and ultimately serve as a means of authenticating customer’s identity at point of banking transactions.
It gives bank customers a uniform and single identity called the BVN that would be acceptable across the Nigerian financial system as all other bank accounts operated by the individual would be tied to it.