Business
Why BVN Is Essential For Every Bank Customer – NIBSS
The Nigeria Interbank Settlement System (NIBSS) has urged all bank customers to ensure they were verified to check fraudulent acts in banks.
This is contained in statement credited by Mr Ade Shonubi, Managing Director of NIBSS in Lagos, on Friday.
The statement reiterated that the Bank Verification Number (BVN) initiative would help to boost retail credit in the banking industry, identify and blacklist fraudulent customers.
It explained that once banks were able to identify and blacklist fraudulent customers, banks would be encouraged to extend loans to customers who were credit worthy.
According to the statement, there is the need to check the increasing rate of delinquent borrowers.
NIBSS is responsible for the implementation of the BVN in the country.
The BVN is aimed at protecting bank customers and to further strengthen the Nigerian banking system.
Although the registration is ongoing in banks, the initiative will be implemented in June.
The statement noted that apart from the challenge of identifying customers, another hindrance to retail credit was the deliberate efforts of some Nigerians who evade loan repayment.
It pointed out that the BVN would address that problems by helping to identify and distinguish fraudulent Nigerians from law-abiding and honest citizens.
the statement said: “‘When the BVN project came up, the three key things were to identify customers, identify them uniquely across banks and across accounts.
“So, once you have BVN, even if you have 10 bank accounts, it is the same BVN that will be tied to the bank accounts, thereby, blacklisting people committed to financial infractions.
“Fraudsters forge documents. What happens today is that a guy goes to a bank, commits fraud; runs to another bank because there is no way of tying all the activities across.
“So, we found out that there were quite a lot of losses related to these individuals from one bank to another,” it said.
The statement quoted the NIBSS boss as saying that the BVN would allow lenders to begin to build retail credit.
It explained that this was why the entire retail consumer lending were people with formal employment.
“That is why you see everybody (lenders) running to the oil companies to say ‘let’s give your staff car loan; let’s give your staff consumer loan; let’s give your staff TV loans.
“But there are a lot of self-employed people working in smaller organisations, who should also benefit.
“Nobody wants to take the risk on them because if they resign today and run off, how are you going to get your money?
“Once they have bank accounts, the BVN allows us to identify them.” (NAN)
Outgoing Chairman of the Institute of Chartered Accountants of Nigeria (ICAN), Jos district society, Rev. Christian Okoye (left) congratulating his successor, Mr Gyang Pam, during the institute’s annual general meeting in Jos, recently
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter