With over 66 million Nigerians enrolled on the Bank Verification Number system, the Central Bank of Nigeria has introduced a Customers’ Bill of Rights to safeguard bank users, highlight their entitlements and duties in a bid to strengthen protection, trust, and financial inclusion, OLUWAKEMI ABIMBOLA writes.
With the Bank Verification Number at 66.23 million as of July, according to Nigeria Inter-Bank Settlement System data, and a push to increase the numbers, the need to protect and enlighten bank customers about their rights and responsibilities has never been more pronounced.
The BVN is an 11-digit number unique to each individual across the banking industry. It is required to own and operate a bank account in Nigeria.
The Central Bank of Nigeria, in a bid to sensitise bank customers to their rights and responsibilities, published the Bank Customers’ Bill of Rights.
The document, unveiled at the recently held ‘CBN Fair’ in Lagos, aims to encourage members of the public to adopt alternative payment channels.
