Nigeria's central bank has warned that fraudsters are taking advantage of a major crackdown on fake bank accounts.
Customers had until the end of October to register their fingerprints and photographs at their local bank.
The bank says messages claiming to help reactivate registration are fraudulent and actually trying to get people's personal information.
Huge sums are allegedly stolen from Nigerian banks as a result of forgery and illegal withdrawals.
Customers who registered were given a Bank Verification Number (BVN) to use at cash machines, and for online and mobile transactions.
Banks are using the verification number along with customers' biometric information to check they are genuine.
Potentially millions of people could now be blocked from these services as less than half of Nigeria's 52 million bank account holders had registered on Friday, according to Central Bank of Nigeria (CBN) spokesman Ibrahim Mu'azu.
On Monday, he released a statement saying that "unscrupulous individuals" are trying to get people to reveal their personal details to use to defraud them.
He wrote that an example message says: "Dear customer, due to the new BVN policy by the CBN your account has been deactivated and to reactivate, call……".
He reminded customers that "neither the Central Bank of Nigeria and deposit money banks nor their employees or agents would ever call bank customers or send e-mail/text messages requesting for passwords, card details or personal identification number (PIN)".
BBC
Tuesday, November 3, 2015
Half of the banks accounts in Nigeria risking closure for failing verification process
Nearly 20 months ago, Nigeria’s Central Bank called for the country’s 52 million bank account holders to undergo a registration process to obtain a unique Bank Verification Number (BVN ) which would serve as the first national numeric identifier.
The Central Bank hopes giving everyone a unique number, similar to the U.S.’ social security number, could help reduce banking fraud such as identify theft and help improve security in the country’s financial systems overall.
But despite calls to action and an extensive media campaign to get Nigerians to register, the Central Bank says it has failed to achieve a registration target of 50% and as such, more than 26 million account holders may be losing access to their accounts.
The problem seems to be that the process of registering for the Bank Verification Number was not as smooth as advertised. The Central Bank sold it as a simple process which could be completed within 24 hours but several days after registering, many were still waiting to have their own unique number generated.
The registration process involves the collection of biometric data and a photograph after which account holders are issued unique Bank Verification Numbers which, in addition to biometric data, will be used to authenticate and confirm transactions.
Launched in February last year, the Central Bank announced that the registration process would end by June 30, 2015. However, with Nigerians largely unresponsive, the Central Bank was forced to move the deadline for registration to October 31 after which it has insisted no further extension will be granted. The penalty for failing to register for the Bank Verification Number is a loss of access to the bank account.
Long queues and confusion were a recurring theme throughout the account verification process as banks often seemed unprepared for the mass exercise. Taking the Nigerian diaspora into consideration, the Central Bank ensured that the verification process could be undertaken in Nigerian embassies but the process seemed to lack organization and in London, the embassy was forced to call in the police to quell the disorder after huge crowds showed up.
The Central Bank has now extended the deadline for those in the diaspora to January 31, 2016.
Quartz
The Central Bank hopes giving everyone a unique number, similar to the U.S.’ social security number, could help reduce banking fraud such as identify theft and help improve security in the country’s financial systems overall.
But despite calls to action and an extensive media campaign to get Nigerians to register, the Central Bank says it has failed to achieve a registration target of 50% and as such, more than 26 million account holders may be losing access to their accounts.
The problem seems to be that the process of registering for the Bank Verification Number was not as smooth as advertised. The Central Bank sold it as a simple process which could be completed within 24 hours but several days after registering, many were still waiting to have their own unique number generated.
The registration process involves the collection of biometric data and a photograph after which account holders are issued unique Bank Verification Numbers which, in addition to biometric data, will be used to authenticate and confirm transactions.
Launched in February last year, the Central Bank announced that the registration process would end by June 30, 2015. However, with Nigerians largely unresponsive, the Central Bank was forced to move the deadline for registration to October 31 after which it has insisted no further extension will be granted. The penalty for failing to register for the Bank Verification Number is a loss of access to the bank account.
Long queues and confusion were a recurring theme throughout the account verification process as banks often seemed unprepared for the mass exercise. Taking the Nigerian diaspora into consideration, the Central Bank ensured that the verification process could be undertaken in Nigerian embassies but the process seemed to lack organization and in London, the embassy was forced to call in the police to quell the disorder after huge crowds showed up.
The Central Bank has now extended the deadline for those in the diaspora to January 31, 2016.
Quartz
Monday, November 2, 2015
Video - Nigeria launching identity datatbase
Nigeria is trying to launch a new national identity database and card for the fourth time after three failed previous attempts. The government says it will help improve national planning, access to public services, and security. Al Jazeera's Yvonne Ndege reports from Abuja.
Video - Nigeria beat Brazil in FIFA U17 World Cup to reach semi-final
The Golden Eaglets of Nigeria are through to the semi-final of the FIFA U17 World Cup ongoing in Chile after they thrashed one of the tournament favourites, Brazil, 3-0, on Sunday night.
Five minutes of magic in the first half was all Nigeria needed as the Eaglets punished the Brazilians with three successive goals.
It was Victor Oshimen that got the curtain raiser as he broke the deadlock in the 29th minute to score his eighth goal of the tournament.
Kinglsey Micheal doubled the advantage for Nigeria moments later with a nice volley while a long shot from range from Udochukwu Anumudu in the 34th minute effectively killed the game.
Brazil came all out with the attempt get back into the game in the second half but the Eaglets held their own to become the first team to make it to the semi final.
The second half had very few clear-cut opportunities, with Funsho Bamgboye and Evander going closest for either side.
With the win, the Eaglets will head to Concepcion for Thursday’s semi-final against the winner of tomorrow’s quarter-final between Ecuador and Mexico.
Nigeria has never lost a semi-final match in the history of the FIFA U17 World Cup.
Premium Times
Friday, October 30, 2015
Video - Nigerian government working house Lagos' booming population
Authorities in the Nigerian commercial capital of Lagos are working to overcome a severe housing shortage as the city's population continues to grow at a rapid rate. With the current population of 20 million expected to increase to 25 million in about fifteen years, finding a solution is proving challenging.
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