By Amaka Ifeakandu
Lagos
Central Bank of Nigeria and the Nigeria Inter Bank Settlement System (NIBSS) have said that the biometrics project pilot scheme will commenAce before the end of May, 2014.
The Bank Verification Number (BVN) was launch in February this year.
According to the Acting Director, Corporate Communications of the CBN, Mr Isaac Okoroafor, the test run of the project has already started in 42 out of the 1401 bank branches in Lagos and it is expected to be rolled out to “at least 1000 of the 1401 bank branches in Lagos state.”
He explained that the essence of the pilot stage is to ensure that possible challenges are tackled earlier so that there will be very few or no problem when the biometric enrolment goes nationwide.
Okoroafor who described the BVN as part of an overall blueprint to develop the Nigerian financial system through the Financial System Strategy of the Vision 20-2020, said it would help reduce the level of fraud in the banking sector.
The BVN which allows every bank customer have a unique identity using biometrics (the capturing of fingerprints and bio data) stored with NIBSS and assessable to all the banks in the country, is aimed at tackling the challenge of identity theft, and help banks achieve a higher level of Know Your Customer (KYC).
It is also expected to promote the financial inclusion programme as banks customers who are not learned and have no valid means of identity would be able to open bank accounts with their biometrics and be confident that their funds are safe from fraudsters.
Speaking further on the BVN, he said it is a “number that enable one person to have a single identity in the financial system. It is a one silver bullet solution to check fraud, identity fraud, address issues surrounding illiteracy to further promote financial inclusion and enable banks identify who they are doing business with.”
Okoroafor said that every account holder will have to key into the project to protect themselves” adding that enough time will be given to customers to have their biometrics captured.
He, however said that the project would be ongoing, adding that new account holders will have their biometrics captured as they open new accounts. He encouraged the public to ensure that they have their bio data captures as soon as the capturing begins to ensure the early protection of their accounts.