NIBSS unveils code to aid BVN-for-forex transactions’ rule

The Nigerian Inter-Bank Settlement System (NIBSS) has unveiled a new code to ensure seamless deals in the seemingly “operation show your Biometric Verification Number (BVN) before foreign exchange transaction.”

The Central Bank of Nigeria (CBN) had outlawed any foreign exchange transaction without valid BVN, as well as the discontinuation of sale of foreign exchange to Bureau De Change (BDC) operators, that did not avail it the BVN of all its directors, with effect from November 1.

But NIBSS said that the unveiling of the code (*565*1#) was part of its efforts to support the drive for the unique identifier project for the banking industry and any hitches that may ensue in compliance to the new directive.

The Managing Director of NIBSS, Ade Shonubi, said the use of the code- Unstructured Supplementary Services Data (USSD) channel, would instantly avail the operator of the customers BVN confirmation before transactions could be consummated.

Explaining that the cost per USSD usage is N20, he said that the banking industry has invested about N8 billion into the BVN project, adding that the charge is to ensure sustainability of the service.

CBN said the need to for all BDC operators to demand customers’ BVN, was part of continued efforts to stabilise the forex market, stem the rampant cases of forex leakages and illicit money transfer from Nigeria, as well as improved returns rendition.

Shonubi said NIBSS has deployed its web portal for the verification of the BVN for operators who have Internet in their offices.

Explaining the process for the exercise, he said the phone verification requires the operator to dial *565*1#, enter the BVN code and date of birth to get instant confirmation.

He however, noted that once the customer carries out the verification either on phone or the Web portal, there would be no need to verify again as long as the customer maintains the particular BDC operator.

The NIBSS boss said that so far, MTN, Etisalat and Airtel have integrated into its platform for the services.

Meanwhile, with few days to reach the deadline, he affirmed that only f 21 million customers have so far obtained their unique biometric number project and about 12,000 Diasporans.