PIN Writes CBN, Calls For Suspension of Bank Verification Number (BVN) Exercise

By October 30, 2015Uncategorized

BVN-3

Paradigm Initiative Nigeria wrote a letter to Central Bank of Nigeria on Wednesday 29th October, 2015 asking the apex bank to suspend the Bank Verification Number (BVN) exercise until there is a legal frameworks in place to safeguard the data collection. See letter below:

October 28, 2015

The Governor,

Central Bank of Nigeria,

Central Business District,

Abuja, Federal Capital Territory,

Nigeria

 

Dear Sir,

 

Call for Suspension of the Bank Verification Number (BVN) Exercise

Paradigm Initiative Nigeria (PIN) wishes to call for the suspension of the Bank Verification Number (BVN) mandated by the Central Bank of Nigeria for bank customers in Nigeria. The call for suspension is necessary based on the need to first enact a viable legislation to properly cater for data of private citizens as requested by the Apex Bank’s policy and moreover, we agree with President Buhari on the need for data collection agencies to work together.

The Bank Verification Number (BVN) upon perusal seeks to expose confidential information of private citizens and is also riddled with severe implications since there are no legal frameworks in place to safeguard the data collection exercise. The implementation of Bank Verification Number (BVN) now, in the absence of a legal framework is like putting the cart before the horse; there has to be a law regulating the use of data of private citizens before such an important exercise.

It is in view of this that PIN is calling for the suspension of the BVN exercise until the proper laws are put in place. However, should the Central Bank of Nigeria go ahead with its administrative policy in respect of this exercise, the Organisation will be left with no other choice than to toe the line of legal redress to re-establish the proper order of events.

In case the Bank require any more information regarding this letter, please, do contact us on phone, at 092916301 or by email at info@pinigeria.org, boye.adegoke@pinigeria.org, tomiwa.ilori@pinigeria.org

Best Regards,

‘Boye Adegoke

Program Manager(ICT Policy)

The CBN also acknowledged receipt of the letter on the same day. You can find CBN’s acknowledged copy here

ParadigmHQ

Author ParadigmHQ

More posts by ParadigmHQ

Join the discussion One Comment

en_USEnglish
fr_FRFrench en_USEnglish