Monday, September 12

CBN to extend BVN reg. to microfinance banks, others

The Central Bank of Nigeria (CBN) plans to extend the Bank Verification Number (BVN) registration project to customers of other Financial Institutions (OFIs), its Director, Banking and Payment Systems Department, Dipo Fatokun, has said. The OFIs are Microfinance Banks, Primary Mortgage Institutions and others.

Mr. Fatokun made the disclosure at a bi-monthly forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos on Sunday. The forum had its theme as “Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services”.

Mr. Fatokun said the operators of the institutions were already working toward having their customers included in the BVN project. He said the CBN would have OFIs customers enroll through deposit money banks because of the high cost of procuring the machines.

“We are considering using commercial banks as registration points for the OFIs customers.
“We also expect that many of the OFIs customers, who already have their BVNs, will supply the data to their banks, while those without BVN will register afresh,” he said.

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