Plateau Residents Differ Over BVN Deadline, Effects
A public affairs analyst in Plateau State, Mr. Ishaku Joshua, has said that the introduction of Bank Verification Numbers (BVN) by the Central Bank of Nigeria (CBN) will eradicate fraud.
He said BVN was in line with the international best practices of international financial transactions, adding that the system provides for security and safety of customers’ investments as some people operate fake accounts to dupe people.
He said the BVN also helps to monitor the accounts to ensure that transaction is in line with bank operations.
On the expiration of the deadline, he said the time was too short, adding that it was when customers reacted against the timing that it was extended to October 31.
He said the exercise does not carry along the unborn generation who may want to have bank accounts in the future.
The analyst said that out of the over 40 million accounts expected to be captured during the exercise, less than 50 percent of that was captured during the period.
“It is an indication that about 50 percent customers are not able to get their BVN, meaning that these people will not be able to transact business with commercial banks which will in effect send many families to untold hardship.”
He added that pensioners in the remote areas could not meet up as some of them are old and weak who had money in the banks considering that the exercise needed physical presence of the customer. The exercise, according to him, will create room for money laundering, for it will be difficult for banks to control money in circulation.
“People who were not captured by BVN will keep piling their money at home.”
A renowned fashion designer in Plateau State, Mr. Okafor Eni, said that his experience before he got registered was a hectic one. He said he went there for several times, adding that it was as if they were bank workers because every morning that was where we must go very early in the morning. Within three weeks, I was able to do it.”
On the effect and gain of the exercise, he said, “A friend of mine was having about a million naira in his account so in a span of one week part of it was withdrawn by fraudsters. He did not go to the bank. How they withdrew this money, he did not know.
So, from my findings, they made us to understand that the issue of ATM is the problem. Using ATM to collect somebody’s money will be a thing of the past. That is what they told us.”