BDCs begin BVN validation on NIBSS portal

Managing Director/CEO, Nigeria Interbank Settlement System (NIBSS), Ade Shonubi.

Bureaux De Change (BDC) operators have begun the validation of their customers Bank Verification Numbers (BVNs) on a portal created by the Nigeria Interbank Settlement System (NIBSS).

The BVN, which captures customers biometric data, such as fingerprints, provides unique identification number for the customers and protects their accounts from unauthorised access, identity theft and fraud.

NIBSS Managing Director Ade Shonubi, who disclosed this said the firm developed the platform to enable BDCs comply with the Central Bank of Nigeria (CBN) directive that BDCs customers provide their BVN before buying foreign exchange.

The CBN had ordered that, with effect from November 1, customers desiring to purchase forex through all channels must provide their BVN, which shall be validated by the CBN authorised forex dealer through the NIBSS platform before the transactions are consummated.

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