The Bankers’ Commit-tee has commenced Bank Verification Number (BVN) classification plan that will allow the rich and poor in rural areas have access to financial services.
According to The Nation, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele who broke the news on Saturday at the end of the 11th Bankers’ Committee retreat in Ogere, Ogun State, said BVN will now be classified into two- BVN Premium and BVN Lite.
Emefiele reportedly said the BVN Premium will cover bank customers that can provide the 18 basic requirements for a complete BVN enrolment while the BVN Lite will require minimal documentations like name and phone number for bank customers, especially those at the rural areas that do not meet the full requirements.
The objective of the classification, the CBN governor said, was to enable such grassroots customers, mainly the poor, conduct minimal financial services and reduce financial exclusion rate for Nigeria.
Recall that the CBN introduced BVN scheme into the banking sector in 2014 and has since enrolled over 40 million bank customers into the scheme and targets taking the number of BVN-linked accounts to 100 million in the next five years.