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The Head of Partnership at Moniepoint Inc., Efemena Ogie, has said the National Identification Number (NIN) database at 102.39 million could be used to create Bank Verification Numbers (BVN) for more Nigerians to boost financial inclusion.
Speaking at a Fintech Forum organized by the Nigeria Information Technology Reporters Association (NITRA) in Lagos, Ogie said that only 58.9 billion as of October 9, 2023, shows that many Nigerians are still financially excluded.
According to him, with the country’s population at about 230 million, the BVN figure means that only about 25% of the population has bank accounts.
Ogie noted that the NIN database being managed by the National Identity Management Commission NIMC could be used to create more BVNs for Nigerians, which they can use to access financial services.
How it will work
At the Forum with the theme “Harnessing Nigeria’s Fintech Potentials: Challenges and Opportunities”, Ogie said:
- “NIMC as of August has over 102 million Nigerians registered for the NIN and the banking sector, we have just about half of that number with BVN. Now since NIMC already has this data, what the custodian of the BVN, which is NIBSS, needs to do is to develop an API that will connect to NIMC such that the NIMC data is replicated with NIBSS.
- “It means that if you have NIN and you don’t have BVN, I am able to generate BVN for you using your NIN. Now, there is a data privacy aspect to this. So, for you to have access to that BVN, all you need to do is to dial a code and that serves as consent. Once you give the consent, you have your BVN.”
Data harmonization
While noting that poor identity is still a challenge to fintech in Nigeria, Ogie said there is a need for the harmonization of the fragmented data with different agencies of the government.
According to him, creating multiple databases is creating problems for Nigerians in getting proper identity.
- “So, you have the BVN, you have NIN, you have the Driver’s Licence database, passport, and all that. If I go to get my driver’s license now they will capture my biometrics. If I want a passport, they will capture my biometrics, NIN, and BVN, the same thing. Now, I think we need to start to think about harmonising this data. When we have a harmonised data system or database integrated it will go a long way
- If I want a passport for myself, all I need is to give them my NIN and that is all, they just give me my passport, the same with my driver’s licence, I don’t need to go through biometrics capture again. So, we need to start thinking about harmonizing these data,” he said.
While noting that Nigeria still has a long way to go in terms of identifying its citizens, Ogie cited an example of India, where Aadhaar, a replica of BVN has almost all the citizens of the country captured.
According to him, the number of Indians with Aadhaar cards is about 95% of the 1.4 billion population.
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