When Was BVN Introduced In Nigeria: Introduction Of Bank Verification Number In Nigeria

Welcome To Bankingtips blog, below post covers the history of BVN, introduction of BVN in Nigeria (Bank Verification number).

    According To Wikipedia

    The Bank Verification Number commonly called BVN is a biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria. It is a modern security measure in line with the Central Bank of Nigeria Act 1958 to reduce fraud in the banking system.

The system works by recording fingerprints and a facial photograph of the client.

Issues arose where fraudsters attempted to use the launch of the system to phish for customers' bank details. Learn More via Wikipedia.

Also Read: which president introduced BVN in Nigeria.

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