Tuesday, 18 February 2014

CBN gives banks 18 months for customers’ biometric registration

The Central Bank of Nigeria (CBN) has given all banks 18 months to begin and conclude the biometric registration of all customers across the country.
The apex bank weekend launched the Bank Verifi¬cation Number (BVN) for biometrics identification of customers in the financial industry aimed at revolu¬tionising the payment sys¬tem in the country.
Biometrics uses one’s physical characteristics such as iris, finger print, voice or veins that ensure your real self.
Biometrics are electronic verification tools for on¬line and mobile banking that offer unique customer identification which gives unchangeable identification that helps in Know Your Customer (KYC).
The introduction of bio¬metric authentication is target¬ed at addressing cyber crime, ATM fraud and other kinds of financial frauds as well as to safeguard customers’ funds to avoid losses through compro¬mise of Personal Identification Numbers (PIN).
Responding to journal¬ists immediately after the launch, Sanusi Lamido Sanusi, governor of CBN, said the apex bank would next week issue circulars to banks to inform their customers to come in and register for the biometrics, saying the registration at¬tracts no charges.
On the issue of theft, Sa¬nusi said, “I have just regis¬tered. This is my card. My biometric data is on this card. My picture is on this card, no¬body can steal this identity”.
He said customers can register anywhere whether with the banks or agents, adding that once registered, one cannot register again as the verification will show it.
In his opening remarks, Ade Shonubi, the managing director of the Nigeria Inter-Bank Settlement System (NIBSS), whose company provides the connectivity service, said that the initia¬tive represented a major landmark in the Bankers’ Committee’s efforts at pro-moting financial inclusion drive and deal with money laundering in the system.
Godwin Emefiele, the managing director of Ze¬nith Bank and chairman, Bankers’ Committee sub-committee on biometrics project, said that he was excited that the group met the project deadline.
Source: BusinessDay

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