The Bank Verification Number (BVN) exercise was launched in February 2014 to address the challenges associated with the absence of unique identifier in the Nigerian Banking Industry. The implementation of BVN, a unique identifier of a customer in the Nigerian Banking Industry would increase the effectiveness of the “Know Your Customer“ (KYC) principle, with its associated benefits in the reduction of fraud, reduction of credit risk and growth of credit and other credit-related products.
When Bank Verification Number (BVN) was Launched
The Bank Verification Number (BVN) exercise was launched in February 2014 to address the challenges associated with the absence of unique identifier in the Nigerian Banking Industry. The implementation of BVN, a unique identifier of a customer in the Nigerian Banking Industry would increase the effectiveness of the “Know Your Customer“ (KYC) principle, with its associated benefits in the reduction of fraud, reduction of credit risk and growth of credit and other credit-related products.