Banks introduce BVNs Premium, Lite

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Anietie Udobit

Nigerian banks have plans to categorise Bank Verifications Number (BVN) into Premium and Lite.

At the 11th Bankers Committee meeting ended on Saturday December 14 in Ogere, Ogun State, the bank chiefs also disclosed plans to begin an estimated N25 billion renovation work on the National Arts Theatre, Iganmu, Lagos, in January 2020.

Addressing Press at the end of the two-day meeting, the CBN governor, Mr. Godwin Emefiele, explained that those categorised under the BVN Lite will have a limit to the kind of transactions they can do in terms of deposit, withdrawals and loans.

According to him, with about 40 million people on the BVN platform, the committee believes that the benefits of the BVN to bank customers and the economy necessitated the need to consolidate and move BVN to a new level.

“This entails, for instance, to reclassify and segregate transactions that could be done on BVN. We have two classifications. The existing BVN that we have in the system, categorised as Premium has about 18 lines of information. The BVN Lite will have less bio-information requirements like the telephone line.

“The important thing is that we want to make you financially included where you can conduct basic banking service. Our people in the rural communities who have BVN Lite will later be migrated to basic,” he said.

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