CBN inaugurates Bank Verification Number

THE Central Bank of Nigeria (CBN), on Friday, inaugurated Bank Verification Number (BVN) to revolutionise banking and payment systems in the country.

BVN is a biometric authentication of bank customers using Point of Sale (PoS) and Automated Teller Machines (ATMs).

The biometric authentication is meant to address the safety of customers’ funds and avoid losses through compromise of Personal Identification Numbers (PIN).

The CBN governor, Malam Sanusi Lamido Sanusi, said at the launch in Lagos that banks would have captured biometric details of all customers nationwide within the next 18 months.