According to the NIBSS, the objective of the BVN is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customers identity at the point of transactions.
The BVN scheme was launched in 2014. The features of the BVN project include credit check, know-your-customer, fraud management and transaction authentication. However, he listed categories of risks in the payment system to include strategic, preventable and external.
As of September 2015, over 20 million customers had been enrolled by banks in the ongoing government biometrics initiative that links unique identity records with banking systems. Dermalog built the Automated Fingerprint Identification Systems (AFIS), and Automatic Biometric Identification System (ABIS) for Nigeria’s Bank Verification Number (BVN) project. Customers receive a bank verification number with which all of their transactions can be completed securely and reliably via fingerprint.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now