Ghana and Zambia To Adopt Nigeria’s BVN Scheme

The Bank Apex bank in Ghana and Bank of Zambia are currently understudying Nigeria’s bank verification number, BVN initiative in order to introduce it into their banking system.


This was disclosed by Director, Banking and Payment System, CBN, Mr. Dipo Fatokun while speaking about the several initiatives the CBN has undertaken to strengthen Nigeria’s financial system, at the Swift Business Forum held in Lagos yesterday.

He said: “Under the payment vision 2020, we have actually implemented some reforms. First to be mentioned is the RTGS system.

This is one of the systemically important payment infrastructure that we have. And it has assisted in conducting bank transfers and settlements, real time.

Another thing that we have done is the bank verification number, which was concluded last year. This has helped a great deal to properly indentify bank customers and we are also witnessing drastic reduction of incidence of fraud as a result.

And I am glad to say that my colleagues from the Bank of Ghana have visited us, about two weeks ago, to see how this has been done.

Our colleagues from the Bank of Zambia are also currently in Nigeria seeing how this was done, with the aim of replicating such in their own country.”