BVN: CBN unveils processes for linking with customers’ bank account

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BVNThe Central Bank of Nigeria said has rolled out the processes for linking the Bank Verification Numbers (BVNs) with customer’s account such that the customer does not necessarily have to physically visit the banks for the linkage.

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The bank in a circular dated May 25, May signed by Dipo Fatokun, director, Banking & Payments System Department, entitled “Re; Process for Linking the BVN with Customer’s Account on the core Banking Application by Bank” said that in addition to the existing procedures, the CBN recognised a couple of other ways through which customers could forward their BVNs to Deposit Money Banks (DMBs) for linkage with their accounts which includes:

1. Internet Banking and ATM
DMBs are required to provide an interface on their internet banking platforms and ATM channels, to enable customers log-in with their password or PIN and submit their BVN to the banks. Thereafter, the Bank could use the web service provided by NIBSS to validate the BVN and other details of the customer, in order to take appropriate decision, whether to link or to reject the request, thereby necessitating a physical visit to the bank.

2. Email and Formal Letter
Where email messaging already exists between banks and customers, DMBs could leverage on this facility or a 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 the BVN before linking same to the account.

3. Self-Service Portal
Customers can use a self-service portal driven by NIBSS 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. On a daily basis, NIBSS will provide a report showing all the required information, to enable banks link the BVNs with the customers’ accounts. DMBs should please liaise with NIBSS on the modus-operandi for this portal.

“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,” the CBN added.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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