Page 145 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services
Ecosystem

% of the enrolled who are poor: Not specified

Challenges with enrollment or use of the Not specified
program by women:

% of the enrolled who are women: Not specified
Challenges with enrollment or use of the Not specified
program by other populations:
Cost/Person: Not specified

Challenges with Implementation or Program: • Enrollment and Coverage: Customers are required to physically present their
BVN at each bank they operate accounts at after enrolling, which is costly
for some populations as well as inconvenient for traveling anyone out of the
19
country.
• Enrollment: Nigerians in diaspora are confused about the guidelines and if con-
cessions will be made to them regarding the deadline. 20
• Coverage: There is limited public awareness and some rural communities remain
21
unaware of the initiative.
• Coverage: Confusion over the BVN program is causing citizens to draw funds out
of their accounts, decreasing levels of financial inclusion rather than increasing
it. 22
• Harmonization of ID Programs: the legal right of the Bank Verification Number
(BVN) program to register citizens using biometric information was contested
by the National Identity Management Commission (NIMC) who claimed the
dominant role in identification matters, though an agreement was reached to
harmonize the databases. 23
Process for responding to implementation Participating institutions are responsible for addressing individual issues. 24
challenges:

FUNCTIONAL USES OF PROGRAM

Financial Services (including Social Transfers)
• KYC: the BVN is used to identify and verify individuals that have bank accounts in Nigeria, and to authenticate them at points of
transaction. 25

1 Central Bank of Nigeria, 2014a, Central Bank of Nigeria, 2014b, This Day Live, 2015, Okoye, 2015, Udunze, 2014, The
2
5
4
3
6
10
9
11
Central Bank of Nigeria, 2014, Udunze, 2014, Ibid, Central Bank of Nigeria, 2014b, Central Bank of Nigeria, 2014a, This
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7
14
17
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16
12
13
Day Live, 2015, Central Bank of Nigeria, 2014b, This Day Live, 2015, Central Bank of Nigeria, 2014a, Ibid, Lee, 2015a,
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Egwuatu, 2015, This Day Live, 2015, Okoye, 2015, Ibid, Ibid, Ibid, Udunze, 2014, The Central Bank of Nigeria, 2014a,
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22
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23
24
20
25 Ibid.

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