DESIGN AND IMPLEMENTATION OF A COMPUTERIZED ONLINE BANK VERIFICATION NUMBER (BVN) SYSTEM

CHAPTER ONE

1.1. INTRODUCTION

Faced with the problem of insecurity on customer accounts, the Central Bank of Nigeria (CBN) on February, 2014 initiated a compulsory bank verification number exercise which provides account holders with a unique number that enables the account holder to have a single identity in the banking system,  aimed at protecting bank customers from identity theft and other financial/economic crimes emanating in the banking sector of Nigeria (Orji, 2014) .

The Bank Verification Number (BVN) is a bold step taken by the Central Bank of Nigeria, to strengthen security in the banking sector of Nigeria. One beauty of the BVN is that transactions will be safer once it is implemented fully. The BVN exercise aims at ensuring that bank transactions are safer and fraudulent transactions are minimized, if not totally eliminated. The campaign is on, but the public may not realise its importance until it closes in in the new extension deadline, October 2015.