… As CBN lists responses to cyber threats in banking sector
The Central Bank of Nigeria, CBN has disclosed that the Registration for Bank Verification Number, BVN has reached fifty seven point four million.
The BVN was introduced by the Central Bank of Nigeria about seven years ago to provide a unique identity for Bank customers.
The Governor of the CBN, Mr. Godwin Emefiele who disclosed this known at a seminar for Journalists in Calabar said the BVN had remained a key component of its ‘Know Your Customer’ requirement to remove the barriers proper identification of bank customers.
The Governor who was represented by the Director of Monetary Policy, Dr. Hasan Mahmud said the improved enrollment figures was supporting the development of credit profiles and also improving access to credit for deserving customers.
He stated that the BVN has also helped in the investigation of fraud and other similar crimes in the financial system.
Mr. Emefiele listed some of the responses to cases of cyber threats in the sector to include the establishment of the Nigeria Electronic Fraud Forum, incident response team, enforcement of two factor authentication on all electronic banking platforms and the enactment of the cyber crimes Act of 2021.
