The Biometric Bank Verification Number (BVN) scheme in Nigeria, by the country’s banking and financial regulator, Central Bank of Nigeria, would give bank customers a single identifier across the country’s banking industry. With the BVN, fragmented bank details of individuals will link up to a single identifier that calls up these details in one pool whenever that identifier (BVN) is
Noble idea, and Nigerians only had to go into any commercial bank, and spend a couple minutes to get this done. But Nigerians weren’t really paying attention not until saturday when the CBN announced it was ending the exercise and restricting some banking services to accounts that are yet to get with the programme. But that is as good as it gets.
The publicity and sensitization the CBN gave to the programme was below par. At first we All thought once the BVN was registered in a particular branch of a bank, then that is all. Little or nothing was said about the need to make sure that customers link all their accounts in other banks to the BVN and this singular fall back accounted for why over five million deposit accounts was temporarily closed from debit transactions saturday night.
As we speak, throngs and millions of Nigerians are currently finding a way out of this predicament including yours sincerely. In as much as I would have love to embrace this programme wholeheartedly, the poor handling and the stress involved is nothing to thank God about. Some of the bank securities and officials have resorted to exploiting unsuspecting customers of their hard earned cash in the process by volunteering to help them sort this issue out through the back door in little or no time and surprisingly, it works.
The question on every Nigerian’s lips now is that, with the veracity and seriousness the CBN has injected into this programme thus far, how sure are we on the security of our bank accounts and our money? Is this not one of those FG’s white-elephant projects with just a cloak on it ? What exactly happens to accounts that is yet to be verified by January 2016?
Having spent the last two hours hustling and struggling my way through, I think have done my bit to link my BVN to my accounts and I also urge everyone out there who are yet to do so to please endure just a little more and I honestly do hope the end should justify the means.
Please feel free to share your BVN experience with me.
Do have a blessed day ahead