In order to make it addressing the challenge of linking Bank Verification Numbers (BVNs) with customers’ accounts, the Central Bank of Nigeria (CBN) has directed banks to allow customers submit their BVNs online or through ATMs.
In a circular issued by the director of Banking and Payment System, Dipo Fatokun, CBN directed that banks create pathways for customers on internet banking and ATM platforms to provide their BVNs.
Linking the BVNs with accounts have been one of the challenges of the BVN registration as customers operating multiple banks and accounts still have to undergo almost the same process again to link their accounts with their BVNs.
Although the Nigeria Inter Bank Settlement System (NIBSS) which coordinates the data gathered has assured that data would only have to be taken at one bank irrespective of the number of accounts or banks an individual uses this has, however, not proved to be so as customers still have to re-register when they use other banks despite the fact that they already have their BVNs.
