When Nigerians were asked to register for the Bank Verification Number, many were worried about what the government wanted to achieve with this new technology. Despite all their concerns and suspicion, the firmness of the government prevailed as Nigerians with their last minute syndrome scrambled to their different banks to enroll for Bank Verification Number. Few months down the line, the BVN has exposed so many interesting things in government and Nigeria’s banking sector. BVN involves collecting the biometric information of bank account owners, especially their fingerprint. Innovation Village identify 5 helpful things BVN has exposed!
23,000 Ghost Workers
The problem of ghost workers has refused to disappear in Nigeria. The situation is the same at both federal and state government. Ghost workers are non-existing workers who are on the payroll of the government. This automatically means that some government workers are receiving more than one alert at the end of the month. So, when the government announced that they recently identified and flushed out 23,000 ghost workers, it didn’t come as a surprise to Nigerians. The disease of ghost workers has eaten deep into the civil service and BVN is gradually curing it.
Reliable banking statistics
Unlike in the past where banking statistics were hinged on estimates, this will no longer be the case. Banks can now provide accurate numbers of accounts they manage, the owners of these accounts as well as other relevant statistics that are important for the Nigerian economy and investors. In addition to these reliable statistics, bank services are now faster and quicker.
Check crime, fraud and corruption
Millions of naira cannot be claimed because the owners have so far refused to come forward for their BVN registration. Ever imagined why someone will not present themselves to claim their cash? The money may be proceeds from corruption, fraud or crime. For example, if a crime has been committed, ransom paid to a named account, you cannot receive the money by proxy. You have to report to the bank or go to the ATM to withdraw the money. Either, ways if the police are diligent and work in conjunction with banks, the perpetrators can easily be traced and apprehended.
No reckless loan grants
Some Nigerians were in the habit of collecting loans from different banks as far as you have accounts with them. Unfortunately, BVN arrived and exposed all persons that have collected loans from different banks. This has been nipped in the bud. The policy for granting of loans is clearly stipulated but it has been ignored for years.
Track all account activities
Your account activity is now easier to track. This is important because even if you own accounts with different banks, you have to link all of them. Hence, nothing is hidden. The BVN can be used check the various sources of funding for terrorist organization i.e. Boko Haram. Tracking and blocking funds wired to terrorists have been identified as one of the ways to fight terrorism.
