NIBSS opens portal for BDCs validation of BVN

rejects data hand over to NIMC

Ahead of the November 1, 2015, given by the Central Bank of Nigeria (CBN) for the implementation of Bank Verification Number (BVN) for foreign exchange (FX) transactions by Bureau de Change operators, the Nigeria Inter-Bank Settlement System (NIBSS) has opened a portal for easy validation of the BVN.

Consequently, NIBSS has opened two channels including internet and USSD for the validation of BVN by BDCs. The USSD code when dial will prop up a message asking for the BVN and the date of birth of the BVN holder to confirm the authenticity of the BVN.

Ade Sonubi, managing director/CEO of NIBSS, said the BDC operators also had the option of using the NIBSS website portal for the validation as the cost of service was N20 per enquiry.

The CBN last week in a circular to all banks and licensed BDCs, put on notice with effect from November 1, 2015, that all customers desiring to purchase FX through all available channels in Nigeria must provide their BVN, which shall be validated by the CBN authorised FX dealer through the NIBSS platform before transactions are consummated.

The Association of Bureaux De Change Operators of Nigeria (ABCON) has faulted the decision of the CBN to make the biometric verification number mandatory requirement for FX transactions, adding that the timing was too short.

Responding to questions on data sharing and hand-over from journalists in Lagos, Sonubi said the NIBSS would only share and not hand over data collected during the BVN project to the National Identity Management Commission (NIMC).

The BVN is a private sector-led initiative and therefore would only share with NIMC the data it needs in issuing the National Identification Number (NIN), he said.

On the issue of data integration, he said, “once you have a bank account you will automatically have a NIN. So, you don’t need to go to them (NIMC) to get a NIN but you will need to get to them for the card because they still need to take your current picture and a few other things to put on the card. But we will be able to issue a NIN to everybody who has a bank account because of the integration.

“We are sharing that with them, we are not handing over to them. We would give them a copy of the data that they need we will not give them our database. But what we give them will allow them to expand their own enrollment to Nigerians because what we give them will be sufficient for them to issue a NIN.”