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NIBSS, Telcos collaborate on BVN registration

By on September 15, 2015

The Nigeria Interbank Settlement System (NIBSS) said it has gone into a partnership with Nigeria’s major telecommunication firms to enhance the bank verification number (BVN) registration.

The partnership allows bank customers that had enrolled for the BVN to use their telephone number to request for their BVN from NIBSS at any time, by dialling the code *565*0#, on any of the telecommunications network. But only the telephone number(s) submitted by the bank customers during the enrolment for the BVN can be used to access the service.

Presently, only Etisalat and Airtel Nigeria render the service. While Etisalat has since gone live on the service, Airtel assured that from this Wednesday, its subscribers would be able to benefit from the service.

Speaking at a media briefing in Lagos, the Managing Director/Chief Executive Officer, NIBSS, Mr. Ade Shonubi, said the partnership was to encourage more Nigerians to enrol for the BVN. Shonubi also explained that the partnership was about convenience for those with BVN. He disclosed that about 20 million bank customer now have their BVN.

He explained: “For those of us who are not aware of the objective of the BVN, there are three major cardinal objectives: First of all, it is to assist the banking industry with Know-Your-Customer (KYC) services. So, it will help them in verifying the people who come to open an account. Secondly, it is to help the industry to give some form of comfort to people who want to take credit and thirdly, we want to be able to identify fraudsters and put them in their place. We should be able to blacklist them and ensure that they don’t come back to the industry.

“Specifically, to the customers, the advantage is that a customer that has account numbers with four or five banks, if you can’t remember your account numbers, with just your BVN, you can access any of all those banks.

“Secondly, we believe there would be bank agnostic services that will come up soon where it doesn’t matter which bank you are banking with such that once you have your BVN, you will access from all those banks. Thirdly, the issue of having to remember pass words, pin and all that, if I have a BVN, it should be able to verify me.”

Speaking on the partnership, the Chief Marketing Officer Etisalat, Mr. Francesco Anjelone, said, “We believe that innovation in the direction of banking services is the way telecoms industry has to go. Integration of telecommunications with banks is a pillar for development. Etisalat is more than happy to have other telcos come join the partnership because as soon as we have the critical mass and everybody is on top of it there would be a creation of value for both industries.”

On her part, a Senior Manager, Airtel Nigeria, Mrs. Afolake Ogunbajo said, “Airtel is very excited to partner with NIBSS on this special project and we promise that the service will go live on Airtel network by Wednesday.”

 

[ThisDay]