The Central Bank of Nigeria (CBN) has given all commercial banks in the country 18 months to complete the biometric registration of all their customers.
The private BusinessDay newspaper reported Tuesday that the directive was given by CBN Governor Sanusi Lamido Sanusi in Abuja, the nation’s capital city.
PANA recalls that the apex bank over the weekend launched the Bank Verification Number (BVN) for biometric identification of customers in the financial industry, an action it said was aimed at revolutionising the payment system in the country.
The governor said the apex bank would later this week issue circular letters to banks to inform their customers to register for the biometrics at no charge.
“I have just registered. This is my card. My biometric data is on this card. My picture is on this card, nobody can steal this identity,” the newspaper quoted the governor as saying.
Biometric registration uses one’s physical characteristics such as iris, finger print, voice or veins that ensure one’s real self. It is an electronic verification tools for online and mobile banking that offer unique customer identification.
The introduction of biometric authentication is targeted at addressing cyber crimes, Automated Teller Machine (ATM) and other kinds of financial frauds.