The first thing that bothers every bank customers mind is that after BVN enrollment while all the repetitive demand for same documents and details already uploaded via BVN when the banks are expected to be able to check the BVN details and confirm whatever information needed therein.
We are glad to point out two major freshly issued CBN order to all banks that will give a relieve to their customers and make BVN meaningfull at least for the first time to customers. according to Vanguard report that CBN, in a circular signed by Director, Banking & Payments System Department, Dipo Fatokun, dated July 28, 2016, sent to all banks and financial institutions.
1) CBN has ordered all banks to access deposit of cheque directly into Savings Accounts
2) BVN: “The removal of fixed interest rate on credit cards; Discontinuation of actual address verification in account opening for customers with customers with the BVN; Banks should begin to embed BVN biometric data in payment cards issued henceforth, to facilitate offline BVN verification and biometric based customer authentication on such payment devices as Automated Teller Machines, ATMs, Point of Sales Terminals, POS, Kiosks, etc.”
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