A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS (A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH)

  • Chapters:5
  • Pages:45
  • Methodology:Simple Percentage
  • Reference:YES
  • Format:Microsoft Word
(Banking and Finance)
A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS
(A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH)

 BACKGROUND OF STUDY
The rate at which frudulent activities is going on in the country these days is becoming unbearable; the federal government of Nigeria and the CBN have being on their toes to resolve the issue of frauds and to boost financial security in most of the Nigerian banking industry; because all these issues the central bank of Nigeria on february, 2014 made it compulsory that all account holders should have a bank verification number so as to enable the account holder to have a single identity in all the banks in Nigeria; all he or she need to do is to link it with his or her accounts. The essence of this system is to help the bank in the protection of their customers from theft and other financial/ economic crimes growing in the banking industry (orji, 2014)
The Bank Verification Nlumber (BVN) is a great step taken by the Central Bank of Nigeria, to strengthen the financial security and order in the banking sector of Nigeria. One of the importance of the BVN is that transactions will be safer once all protocol is duely observed. The essence of this BVN exercise is to ensure that bank transactions are safer and fraudulent transactions are minimized, if not totally eliminated. The central bank of Nigeria have put in alot of effort to see the success of this excercise, but the general public do not know the importance of the bank verification number; but they started seeing the importance of the bank verification number when the cental bank made it clear that the excercise will stop by october 2015.
The bank verification number system uses biometric technology to register customers in the banking sector. It records these physical features which are unique to individuals fingerprints and the face; this techniques was made effective because every individual has his or her own unique finger prints. The record would be used to identify the person afterwards. Once a person’s biometrics have been recorded, and BVN issued the account would be accessed through BVN. The major objectives of the initiative are to protect bank customers, reduce fraud and strengthen the Nigerian banking system. Biometric enrolment is helpful to people who cannot read and write. Their finger prints and pictures would serve the same purpose as signatures.
1.2 STATEMENT OF THE PROBLEM
Without doubts, Nigerian banking sector has contributed to the growth and development of the Nigeria. The Nigerian banking sector has maintained the inflow of money in the country so as to stabilize the country’s economy. According to Udenze, 2014; stated that growth in this sector has been reduced due to high cases of economic and financial crimes; fraud and money laundry have significant effect on the financial security in the Nigeria banking industry. They have caused damage to the reputation of the image of the country, loss of FDI, poor infrastructural development, dwindling confidence and distortions in our political as well as financial systems, among other things.
In view of these crises crimes perpetuated by cyber thieves, the mandatory bank verification number exercise embarked by various banks nationwide has also caused congestions in banking halls. Although the exercise commenced since February, 2014, the fire brigade approach of most Nigerians has warranted most bank halls to be filled to its maximum capacity. Queues in some banks even extended outside the banking hall. This development has caused confusion in some banking halls as other transactions are placed on hold due to inadequate staff to attend to clients or delayed indefinitely
1.3 OBJECTIVES OF THE STUDY
The main object of the research work is to elicit information on the impact of BVN on financial security in Nigerian Banks. Specific objectives of the study are:
To monitor effect of the bank verification number on the level of financial crimes in Nigeria
To give everyone access to a single account
To help limit multiple account by a single owner.
To investigate the role of the central bank of Nigeria in the implementation of the bank verification number system
To investigate the impact of BVN system on the level of financial safety in the Nigerian banks.
1.4 RESEARCH QUESTIONS
1. What are effects of the BVN on the level of financial crimes in Nigeria?
2. What is the impact of BVN system on the level of financial safety in the Nigerian banks?
3. What are roles of the central bank of Nigeria in the implementation of the BVN?
1.5 SIGNIFICANCE OF THE STUDY
The research work is a very important one as it will investigate the the role of the central bank of Nigeria in the implementation of the BVN system, the study will discuss the importance of bank verification number, the bank verification number initiatives will help limt every one to single account so as to monitor the level of financial crimes in Nigeria. The study will also discuss the role of the central bank of Nigeria in the implementation of bank. verification number system. Finally the study will discuss the role of bank verification number on the level of security.
1.6 SCOPE OF STUDY.
The research work is limted to the study of the impact of BVN on financial security in Nigeria banks.
1.7 LIMITATION OF STUDY.
The study is limited to Central Bank of Nigeria, Uyo branch.

Share This

Project Details

Department Banking and Finance
Project ID BFN0333
Price ₦3,000 ($9)
Chapters 5 Chapters
No of Pages 45 Pages
Methodology Simple Percentage
Reference YES
Format Microsoft Word

500
Leave a comment...

    Project Details

    Department Banking and Finance
    Project ID BFN0333
    Price ₦3,000 ($9)
    Chapters 5 Chapters
    No of Pages 45 Pages
    Methodology Simple Percentage
    Reference YES
    Format Microsoft Word

    Related Project Topics

    BACKGROUND OF STUDY The rate at which frudulent activities is going on in the country these days is becoming unbearable; the federal... Continue Reading
    CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY The role of BVN aimed at curtailing hazards associated with social security and credit risk cannot be underestimated (Leland & David, 1977). In recent times,... Continue Reading
    THE ROLE OF EXTERNAL AUDITORS IN FRAUD DETECTION (A CASE STUDY OF UNION BANK OF NIGERIA PLC. ENUGU BRANCH) ABSTRACT This study is aimed at finding and expressing the Roles, the External Auditors play in banks, in Fraud Detection. There has been significant attempt by the researcher to examine... Continue Reading
    • Type:Project
    • ID:ACC0406
    • Department:Accounting
    • Pages:47
    • Chapters:3
    • Methodology:Descriptive
    • Reference:YES
    ABSTRACT Central banks are general known to be concerned with the maintenance of monetary stability. This task involves the regulation of money in circulation consistent with the absorphic capacity of the economy... Continue Reading
    • Type:Project
    • ID:ACC0283
    • Department:Accounting
    • Pages:89
    • Chapters:5
    • Methodology:Chi Square
    • Reference:YES
    A CRITICAL ASSESSMENT OF THE SURVIVAL STRATEGIES OF DEPOSIT MONEY BANKS IN A DEPRESSED ECONOMY WITH SPECIAL REFERENCE TO THE FIRST BANK OF NIGERIA PLC ABSTRACT Banking is in the midst of change that has arisen due to economic depression. As government seek to improve economic efficiency and better... Continue Reading
    • Type:Project
    • ID:BFN0013
    • Department:Banking and Finance
    • Pages:112
    • Chapters:1-5
    • Methodology:tabular presentation and analysis, calculation of percentage and presentation of charts
    • Reference:YES
    ABSTRACT Monetary policies are a stabilization weapon used to regulate the value and cost of money in the economy, it is important for Central Bank of... Continue Reading
    THE ROLE OF FISCAL POLICIES IN THE DEVELOPMENT OF NIGERIAN ECONOMY (A CASE STUDY OF CENTRAL BANK OF NIGERIA) ABSTRCAT This research work was undertaken in order to evaluate the role of Fiscal policies in the development of Nigeria economy. A major issue in Nigerian economy recovery relates to the... Continue Reading
    • Type:Project
    • ID:ACC0204
    • Department:Accounting
    • Pages:90
    • Chapters:5
    • Methodology:Chi Square
    • Reference:YES
    THE ROLES OF CENTRAL BANK OF NIGERIA AND MERCHANT BANKS IN FINANCIAL INTERNATIONAL TRADE IN NIGERIA. A CASE STUDY OF CBN ENUGU. AND CROWN MERCHANT BANK BENIN. ABSTRACT In classical economic theory, trading is good for you. You are better off concentrating on producing and selling the commodities... Continue Reading
    • Type:Project
    • ID:ACC0526
    • Department:Accounting
    • Pages:112
    • Chapters:5
    • Methodology:Simple Percentage
    • Reference:YES
    TRAINING AND DEVELOPMENT OF HUMAN RESOURCES. A CRITICAL FACTOR IN BANKING OPERATIONS (A CASE STUDY OF FIRST BANK OF NIGERIA PLC.) ENUGU MAIN BRANCH ABSTRACT This research work is aimed at finding the effect of training development in banking operations. The purpose is to determine the relationships... Continue Reading
    CLEARING AS A MEANS OF SUSTAINING BANK AND SUPPRESSING FRAUD: A CASE STUDY OF U. B. A. MAIN BRANCH ENUGU ABSTRACT A survey research was made in carrying this project, clearing department as a profit generating department in banking institution. This research was carried out to reveal clearing as... Continue Reading
    • Type:Project
    • ID:BFN0255
    • Department:Banking and Finance
    • Pages:70
    • Chapters:5
    • Methodology:Simple Percentage and chi square
    • Reference:YES