News
Banks Set for Biometric Registration of Customers on Monday
Deposit Money Banks will on Monday next week commence the biometric registration of their customers, the Nigeria Inter-Bank Settlement System Plc, the organisation coordinating the project, has said.
The biometric registration is expected to lead to the issuance of a uniform and unique identification number called Bank Verification Number (BVN) to every bank customer across the country.
Mr. Ade Shonubi, managing director, NIBSS, said the rollout of the BVN registration of customers by banks on Monday signified the end of the pilot phase of the project.
In a statement, Wednesday, Shonubi, noted that over 7,000 BVNs had been issued by 21 banks and the NIBSS to existing internal bank customers during the pilot phase.
Shonubi, who also doubles as the Head of the BVN Project Management team, said that the enrolments and BVN issuance were achieved across 44 bank sites that included 21 bank headquarters.
The NIBSS boss, however, pointed out that the biometric registration exercise of the banking public commencing on Monday would take place in 1000 bank branches located in Lagos only.
The rollout of the BVN solution for the identification and verification of bank customers on June 16, according to the Shonubi, is preceding a nationwide rollout billed to commence in coming months.
He said this was in alignment with the phased approach adopted in executing the three-tiered ‘know your customer’ and the cashless policy of the CBN.
On February 14, 2014, the CBN had heralded the pilot phase of the BVN project deployment which was scheduled to run to May 31st, 2014 after which full rollout to bank branches was to follow.
Shonubi said, “We are adopting a phased rollout approach starting with Lagos State. It commences on June 16, 2014, at 1,000 bank branches, after taking out the pilot branches, out of the 1,410 bank branches in the state. Across the nation at full rollout, 10,000 enrolment sets will be deployed across 5,000 bank branches, implying deployment of two enrolment sets per bank branch.
“In line with the commitment of the Central Bank of Nigeria and the Banker’s Committee to the financial enlightenment of Nigerians, all possible knowledge gaps will be closed through bespoke awareness programmes, customer education and engagement initiatives to ensure massive uptake of the BVN by existing bank customers.”
The NIBSS managing director maintained that the pilot phase of the BVN registration of bank customers served as a model and basis for the rollout of the solution to existing bank customers.
The BVN initiative involves the capturing of an individual’s basic biometric data information which includes the facial image, the 10 fingerprints as well as other unique features of that individual.
It will utilise the biometric technology system for verification and secure authentication of the identity of bank customers and ultimately as a means of authenticating customer’s identity at the point of banking transactions.
News
Verve Partners Ali Express On Seamless Cross-Border Shopping
Verve International, Africa’s domestic payments card scheme and token brand, has announced that its cards are now accepted on AliExpress, one of the world’s largest online retail platforms.
This landmark partnership expands Verve’s global reach, offering seamless and secure payment solutions and providing millions of Verve cardholders and merchants worldwide with easy access to AliExpress’ extensive range of products, including fashion, electronics, home goods, beauty, and more.
The collaboration empowers Verve cardholders, both locally and internationally, to engage in cross-border transactions.
It also reinforces Verve’s unwavering commitment to delivering inclusive, innovative, and secure digital payment solutions that empower individuals and businesses alike, while bridging the gap in global digital commerce.
Speaking on the partnership, Vincent Ogbunude, Managing Director, Verve International, remarked: “We are excited to announce that Verve is now accepted on AliExpress, a globally recognised e-commerce leader.
This marks a significant milestone in our global expansion journey, reflecting our commitment to providing cardholders with access to more possibilities in today’s digital economy.
The addition of AliExpress to our growing network is just the beginning, there’s much more to come as we continue to innovate, expand, and deliver value to millions of Verve cardholders in Nigeria and beyond.”
Verve’s expanding global network is bolstered by partnerships with renowned brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Spotify, among others, enabling cardholders to conveniently pay for subscriptions in naira.
These alliances solidify Verve’s position as a trusted leader in the digital payments space, ensuring that consumers can access top-notch services across diverse industries.
With AliExpress joining this network and Verve integrated into its payment options, Verve cardholders can easily shop and pay for a wide range of products.
To shop on AliExpress using a Verve card, simply sign in, select the items to buy, and click ‘Buy now.’ When prompted, add a new card and enter the Verve card details. Save the information for future use, confirm the details, and complete the payment seamlessly.
News
Stanbic IBTC Asset Management Unveils Anti-scam Measures to Protect Mutual Fund Holders
Stanbic IBTC Asset Management has introduced strong measures to safeguard its customers from scams targeting mutual fund holders.
In response to this trend, the company has launched a strategic campaign to educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.
The Company, in a statement disclosed that recently, enquiries about the authenticity of messages for mutual fund subscription have surged. It stated: “Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.
“In response to these concerns, Stanbic IBTC Asset Management launched a campaign to educate customers by providing accurate information and security tips to reduce the likelihood of clients falling prey to scam attacks.
“The campaign has established three main objectives: first, to educate customers about the mutual fund subscription process by providing precise and accurate information that empowers them to make informed decisions.
Second, it aims to ensure that customers verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications”.
The statement further stated that the campaign seeks to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.
Busola Jejelowo, the Chief Executive of Stanbic IBTC Asset Management, recently addressed the importance of a new initiative to safeguard customers in an increasingly complex financial landscape.
“At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments”.
News
Amnesty International Condemns Police Actions During #EndBadGovernance Protests
Amnesty International has accused Nigerian police of using excessive force against demonstrators during the #EndBadGovernance protests, which took place from August 1 to 10 across the country in response to Nigeria’s harsh economic conditions.
According to the human rights organization, the police crackdown resulted in the deaths of at least 24 people, including 20 young adults, two children, and an older person.
Amnesty’s report claims that the victims were shot by police at close range, often in the head or torso, indicating an intent to kill. Two survivors sustained severe injuries, while others suffered from the indiscriminate use of tear gas. The organization condemned the actions of security personnel, describing the violence as “unbelievable lawlessness” and accusing authorities of covering up the atrocities to downplay the death toll.
Eyewitnesses from Kano, Katsina, Jigawa, and other states told Amnesty that the protests began peacefully but escalated into chaos when police opened fire with live ammunition and tear gas. In Kano, 12 people were killed, while Jigawa and Niger states reported three fatalities each. Kaduna and Maiduguri also recorded multiple deaths.
In addition to the killings, over 1,200 protesters, including minors, were detained, and more than 146 were charged with treasonable offenses. Some detainees reported being subjected to torture. One protester, Khalid Aminu, described being beaten with sticks and iron cables while in the custody of the Department of State Services (DSS). Another detainee, Michael Adaramoye, was held for two months for participating in a protest in Abuja.
Despite mounting evidence, including eyewitness accounts, medical records, and video footage, Nigerian authorities have denied involvement in the violence, attributing the deaths to “unknown gunmen” or dismissing reports as “fake news.” Amnesty International has called on President Bola Tinubu to establish an independent and impartial investigation into the violations and to hold those responsible accountable.
The protests, triggered by widespread corruption and economic hardship, have reignited concerns about the Nigerian government’s disregard for human rights. Amnesty International stressed that law enforcement’s use of firearms against peaceful protesters violates international standards, urging authorities to end impunity and ensure justice for the victims.
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