FG PLANS TO REPLACE BVN WITH NIN - ISA PANTAMI, MINISTER OF COMMUNICATIONS AND DIGITAL ECONOMY
Nigeria's Minister of Communications and Digital Economy, Dr Isa Pantami, has said the Federal Government is planning to replace Bank Verification Numbers (BVN) with the National Identity Numbers (NIN).
Pantami made this known while briefing newsmen after a facility tour and inspection of the ongoing NIN enrolment exercise at the NIMC office and other designated centres in Abuja.
The Minister said he has made a presentation to the National Economic Sustainability Committee and has called on the attention of the Central Bank of Nigeria to replace BVN with NIN.
Pantami noted that the NIN is the primary and legal identity of all Nigerians, which should be included in their bank accounts, while the BVN is a regulator's policy.
According to him, the BVN is a regulator’s policy, while NIN is a law.
He said, “The strength of the law wherever you go is not the same with a policy of one institution.
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“BVN is our secondary database, while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC.
“We discussed with the CBN Governor today on how to ensure that all our citizens with BVN will immediately be provided with the NIN. We are working on that but facilitating the process lies on CBN to make it much easier for our people.
“I made a presentation to National Economic Sustainability Committee and I drew the attention of CBN governor that we need to replace BVN with NIN because the BVN is a bank policy while NIN is a law."
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