Banks Urged to Simplify Process of Linking Customers’ BVNs

Nume Ekeghe

The Central Bank of Nigeria (CBN) has advised deposit money banks (DMBs) to explore ways of simplifying the process of linking the bank verification numbers (BVN) of customers with more than one account number.

The central bank, which recommended the use of an internet banking portals/ATMs; e-mail and formal letters; as well as self-service portal, stated that customers do not necessarily have to physically visit their branches for the linkage of the BVNs.

The CBN stated this in a circular to all DMBs and Discount Houses obtained on its website yesterday. The circular was signed by the Director, Banking and Payments System Department, Mr. Dipo Fatokun.

Commenting on the proposed internet banking portal/ATM channel for the linkage of customers’ accounts, the CBN stated: “DMBs are required to provide an interface on their banking platforms and ATM channels to enable customers log-in with their password or pin and submit their BVN to their banks. Thereafter, the bank could use the web service provider by NIBBS to validate the BVN and other details of the customer, in order to take appreciate decision, whether to link or to reject the request, thereby necessitating a physical visit to the bank.”

On the e-mail channel, the banking sector regulator added: “Where e-mail messaging already exists between banks and customers, DMBs could leverage on this facility or formal letter to obtain BVN from their customers. Thus customers could send their BVNs to their account officers using any of these channels. Thereafter, the bank could verify the signature of the customer and validate before linking same to the account.”

While on the self-service portal in collaboration with NIBBS, it stated: “Customers can use a self-service portal driven by NIBBS to log in with their BVNs and obtain a passcode that will be used to complete the required information online, indicating the accounts (number and name) in all banks.”

It added: “Notwithstanding the aforementioned options, the DMBs are hereby reminded to ensure that the BVN is genuine and validate the demographic information associated with the BVN against the customer’s demographic data in the core banking application.”