We understand the importance of protecting user data and privacy at Flutterwave, it is one of our core values. If your phone number or email address has changed since you enrolled, visit your bank to update the information. It is important to note that the phone number and email address you submitted during your BVN enrollment are where the OTP will be sent to. Now, when any approved institution wants to retrieve your BVN data, you will be notified and will need to give consent by providing an OTP (One Time Password) sent to your phone number or email address by NIBSS. The CBN introduced this consent management platform to curb the risk of fraud and identity theft because the BVN carries very important and personal information.īefore this change, approved institutions could validate a customer’s identity by searching the BVN database once they had the customer’s correct BVN. With iGree, customers will have to give their consent before their BVN data can be accessed by approved institutions (banks, fintechs) electronically. iGree: The New BVN Consent PlatformĪ new consent management platform, iGree, has been built by NIBSS to protect customers’ data and improve privacy. These institutions have access to the BVN database where they can validate your identity by searching for your information using your BVN. The BVN is a unique identification number that is linked to your biodata and biological traits like fingerprints, facial photograph, names, phone numbers, address, and date of birth which you submitted during enrollment.īefore you can access financial services from financial institutions like banks and fintech companies, your BVN is needed to verify your identity. It is a modern security measure in line with the Central Bank of Nigeria Act of 1958 to reduce fraud in the banking system. The BVN is a biometric identification system implemented by the Central Bank of Nigeria in 2014 to curb or reduce illegal banking transactions in Nigeria, and it was built by NIBSS (Nigeria Inter-Bank Settlement System).
You can learn more about the Revised Framework here. The Revised Framework builds on the revision of the Framework in 2018 to further enhance the effectiveness of CDD (Customer Due Diligence) and KYC (Know Your Customer) processes which support the CBN’s strategy for promoting a safe, efficient banking and payment system. On October 12, 2021, the Central Bank of Nigeria (CBN) issued the Revised Regulatory Framework for BVN (Bank Verification Number) Operations and Watch-list For the Nigerian Banking Industry (‘Revised Framework’).
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