Was it really worth the stress? Standing for long hours on
the queue and most times under the hot sun just to get registered. I really
believe it was worth it. If you have been following up on updates regarding
this project, you will totally appreciate it and applaud the brains behind it.
The basic aim of this project
is to put a check to fraud, protect customers and further strengthen the
banking system. It is a biometric process in the sense that it records physical
features which are peculiar to individuals-the fingerprints and face. Now, this
is the interesting part of this activity; once you are registered in a particular
bank, your information is taken and stored in a database from which other banks
can access. As a matter of fact, there is what is called “PND” in banks which
stands for “Post No Debit”. When this memo is placed on an account, it simply
means no form of debit should be carried on in that account and by debit I mean
withdrawal. It has become a grand rule that any account without a BVN must have
this “PND” memo placed on it.
For our very “sharp guys” who
run accounts in diverse banks using different information, this has suddenly become
a trap for them. This is because an information captured by a particular bank
during the registration process is saved and will replicate when the number is
inputted in another bank. Which simply means that if you are bearing “Mr Rafeal
in Bank A and Mr Thomas in Bank B, once you register in Bank A, you won’t be
able to submit that BVN in Bank B for your account to be updated; meaning you have
to forfeit the account in Bank B since there will be no BVN to run the account.
The policy has yielded so much
results and helped the CBN better manage and protect customers transactions so
much more that the registration process for Nigerians abroad has once again,
been extended to June 30, 2016. I really applaud this initiative but deep down
my mind, I have one small question to ask…
What
happens to the recovered “fraudulent funds” that will be in these customers
account? Will they become the banks other income or would they be remitted to
the Central Bank of Nigeria? Every dime right now means a
lot to us and so we must use it judiciously.
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