A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS (A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH). A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
BACKGROUND OF STUDY
The rate at which frudulent activities is going on in the country these days is becoming unbearable; the federal government of Nigeria and the CBN have being on their toes to resolve the issue of frauds and to boost financial security in most of the Nigerian banking industry; because all these issues the central bank of Nigeria on february, 2014 made it compulsory that all account holders should have a bank verification number so as to enable the account holder to have a single identity in all the banks in Nigeria; all he or she need to do is to link it with his or her accounts. The essence of this system is to help the bank in the protection of their customers from theft and other financial/ economic crimes growing in the banking industry (orji, 2014)
The Bank Verification Nlumber (BVN) is a great step taken by the Central Bank of Nigeria, to strengthen the financial security and order in the banking sector of Nigeria. One of the importance of the BVN is that transactions will be safer once all protocol is duely observed. The essence of this BVN exercise is to ensure that bank transactions are safer and fraudulent transactions are minimized, if not totally eliminated. The central bank of Nigeria have put in alot of effort to see the success of this excercise, but the general public do not know the importance of the bank verification number; but they started seeing the importance of the bank verification number when the cental bank made it clear that the excercise will stop by october 2015.
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