Biometrics – BVN refers to the identification of an individual based on physiological attributes – fingerprint, voice, facial features, etc. To address existing challenges with identity management, Identity theft, and fraudulent transactions that have become a menace to the global banking system, the Central Bank of Nigeria, in collaboration with all Nigerian banks launched a centralized biometric identification system tagged Bank Verification Number (BVN) project on February 14, 2014, in order to ensure trust relationship in the Nigerian banking system is not undermined.
Your BVN is the 11 digits number that offers a unique identity that cuts across the Nigerian Banking industry for easy identification and verification at various points of banking operations. It is a requirement for operating a bank account in Nigeria as no withdrawal shall be made on accounts without validated BVN (customers in diaspora accounts were exempted till January 31, 2016).
With the increasing incidents of compromise on conventional security systems (password and PIN), there is a high demand for greater security on access to sensitive or personal information in the Banking system.
The BVN gives each Bank customer a unique identity across the Nigerian Banking industry that can be used for easy identification and verification at Point of Banking operations.