A financial expert, Prince Oyeyinka Oyekola, has commended the Central Bank of Nigeria for the introduction of the Biometric Verification of Number (BVN) by account holders in all commercial banks in the country.
Speaking against the background of suffering by bank account holders who have not completed the BVN process, Oyekola said the exercise is a worthwhile in the long run.
Millions of bank account holders who could not meet the October 2015 ending deadline for BVN have been running into problems. Accounts were blocked by commercial banks leading to long queue at ATM centres and banking halls.
However, Oyekola told our correspondent in Lagos on Wednesday that bank customers stand to benefit from the exercise because it will stamp out a lot of frauds that have been prevalent especially in use of Automatic Teller machine (ATM) cards.
He explained: “Now, no other person can pick your ATM card and cash your money. Since the BVN machine has captured the account holder’s ten fingers. You cannot even tell anyone your pin so that he or she can use your ATM card. It’s impossible since you have two different finger prints.”
As at the time of filing this report, account holders who have not registered their BVN are still in a dilemma. Reports however say that registration had been extended in some areas.
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