Tag Archives: BVN

Gov’t to cancel BVN, and replace with NIN.

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NIMC database is the primary one in the country that each and every institution should make reference to.

The Federal Government plans to replace the Bank Verification Number (BVN) and other data collected by data collecting institutions with the National Identity Number (NIN), the Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami has said.

Pantami revealed this after monitoring the NIN enrolment process at telecom operators’ offices in Abuja on Monday.

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“I Made a presentation to National Economic Sustainability Committee and I drew the attention of CBN Governor that we need to replace BVN with NIN because the BVN is a bank policy while NIN is a law because it has been established by law so the strength of the law wherever you go is not the same with a policy of one institution”, the minister said.

He said the NIMC database is the primary one in the country that each and every institution should make reference to.

He said: “On the board of NIMC, CBN governor is a member, DG DSS is a member, Chairman of FIRS is a member, INEC Chairman, Office of the National Security Adviser (NSA), National Population Commission and the Nigeria Immigration Service are all members of the board and this is to show you that it is primary database that every institution in the country should make reference to, when it comes to data protection regulations, we are in the forefront in Africa today”.

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He said with NIMC database, the level of security is 99.9 percent.

According to him, there is no database that is 100 percent secured, “the highest you can go, I think we are there”.

He said FG came up with the Nigeria Data Protection Regulation to guarantee safety of all data collected in the country.

He said: ” At our disposal, we take care of data and make sure that security is excellent and we don’t allow anybody to compromise with the content because it is a trust from our citizens given to us.”

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Meawhille, at the MTN office in Maitama, Pantami was told that people who had enrolled before couldn’t have their data verified on the database, but the minister said the federal government was working to fix the issue.

“We are working on that, they are being verified but it is slow due to the high numbers of request. We are working on coming up with one verification and we do hope that the issue will be resolved soon”, he said.

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#Newsworthy

64 Bank account link with Obasa’s BVN – Sahara Reporters


Not less than 64 bank accounts have been discovered to be linked to the Bank Verification Number of Speaker of the Lagos State House of Assembly, Mudashiru Obasa.

According to SaharaReporters, the accounts registered with various names, are being used to siphon public funds in Lagos.

The BVN reveals that Obasa operates accounts with multiple names in Polaris Bank, Zenith Bank, Access Bank, Ecobank Nigeria, Stanbic IBTC Bank, Guaranty Trust Bank, United Bank for Africa, First City Monument Bank and Wema Bank.

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To conceal his identity, the Speaker changed his name and date of birth in some of the accounts.

Aside from using Ajayi Mudashiru Obasa, he also used Obasa Abdulrahman Gbadunola and Gabriel Adedoyin Savage to register some of the bank accounts.

Some of the companies linked to the BVN include Adesav International Ventures, Fabric Splash Ventures, Swifthill international Ventures and Quick Solution International.

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Others are Quick solution International Ventures, White Honey Enterprises, Cream on Ice Services, A.B DELCO Nigeria Company, and Fabric Splash Ventures, Skye-Macosh Company, Swifthill International Ventures, Silver Section Global, Davedab Global Ventures and Jose-Macosh Company and De Kingrun.

In a series of reports in recent weeks, SaharaReporters had exposed how Obasa awarded contracts to himself using different companies owned by him and how he got the Assembly to approve N258m for printing of invitation cards for the inauguration of lawmakers two months after the event held.


#Newsworthy…

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FG to identify needy Nigerians via Bank Verification Number – Minister



The Federal Government is set to expand the social register for palliative distribution by employing digital models including the use of Bank Verification Number (BVN).

The Minister of Humanitarian Affairs and Disaster Management, Sadiya Farouq disclosed this on Tuesday in Abuja, while responding to questions at Presidential Task Force briefing on COVID-19.

She noted that this digital measure will be faster and make the distribution more effective.

“We are using other models including BVN to identify bank accounts. We are also using mobile phone networks to identify poor and vulnerable people in the society.

“This is going to be faster, transparent and give room for more accountability,” she said.

She added that the conditional cash transfer to poor households which is currently going on in some parts of the country is transparent and well organized.

According to the Minister, all measures have been put in place by the Federal Government to avoid duplication of households.

She also revealed that civil groups, traditional and religious leaders, among others are performing the role of identifying the poor in their communities thereby assisting the Federal Government in the distribution.

National leader of All Progressives Congress (APC), Bola Tinubu had earlier urged the Federal Government to make cash payments to households through Bank Verification Numbers (BVN) as palliative.

Tinubu said the move would help cushion the effects of COVID-19 pandemic on Nigerians and noted that the government can make direct deposits into individual bank accounts using the BVN of prospective recipients.


#Newsworthy…

CBN, Emefiele set 100 million goal for BVN enrollment.


The Central Bank of Nigeria has said it will get the number of people enrolled on Bank Verification Number system to 100 million over the next five years.

NobleReporters learnt that the apex bank said the increase in BVN enrolment would address the constraint that poor identification has on the availability of credit to prospective banking customers, particularly those in the informal sector.


According to recent figures released by Nigeria Interbank Settlement Systems, over 40 million active bank accounts are currently linked with BVN and the CBN had pledged to increase the figures within the next five years through its proactive measures.

The BVN project, which captures the uniqueness of every bank customer, is one of the most-innovative projects introduced into the Nigerian financial system in 2014.


The Bankers’ Committee has also unveiled a new plan that requires classification of BVN into two – BVN Premium and BVN Lite.

CBN governor, Godwin Emefiele, said BVN Premium will cover customers that can provide the 18 basic requirements for a complete BVN enrolment, while the BVN Lite will require minimal documentation like name and phone number for bank customers, especially those in rural areas that do not meet the full requirements.


This, he said, would enable such grassroots’ customers, mainly the poor, conduct minimal financial services and reduce financial exclusion rate.

The CBN boss said the Bankers’ Committee was collaborating with the Nigerian Communication Commission and Mobile Money Operators to ensure that the project succeeds and more Nigerians brought into the financial system.

CBN Governor, Godwin Emefiele


Emefiele said the Know Your Customer scheme would be migrated into the BVN Lite.

He said, “However, there are people currently financially excluded, like people in our rural communities that carry phones, but not having financial services. With the collaboration of NCC, we are putting this BVN arrangement to allow them conduct minimal financial services.”


#Newsworthy…