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BANKING & FINANCE

Simplify Process Of Linking Customers’ BVNs, CBN Directs Banks

The Central Bank of Nigeria (CBN) has urged deposit money banks (DMBs) to find ways of simplifying the process of linking the bank verification numbers (BVN) of customers with more than one account number.

The apex bank, which recommended the use of an internet banking portals/ATMs; e-mail and formal letters; as well as self-service portal, stated that customers do not necessarily have to physically visit their branches for the linkage of the BVNs.

The CBN disclosed this in a circular signed by the Director, Banking and Payments System Department, Mr. Dipo Fatokun, to all DMBs and Discount Houses obtained on its website on Wednesday, May 27.

“DMBs are required to provide an interface on their banking platforms and ATM channels to enable customers log-in with their password or pin and submit their BVN to their banks. Thereafter, the bank could use the web service provider by NIBBS to validate the BVN and other details of the customer, in order to take appreciate decision, whether to link or to reject the request, thereby necessitating a physical visit to the bank,” the bank stated.

“Where e-mail messaging already exists between banks and customers, DMBs could leverage on this facility or 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 before linking same to the account,” it added.

 

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