Design And Implementation Of An Online Bank Verification Number (BVN) System
The Bank Verification Number (BVN) became imperative following the increasing incidence of compromise on conventional security systems such as password and Personal Identification Number (PIN) of customers. The BVN involves identifying an individual based on physiological or behavioral attributes, such as fingerprint, signatures and others. The customers unique BVN is accepted as a means of identification across all banks system.On the basis of introducing the concepts of Bank Verification Number system, this project work illustrates the role that the BVN plays in Nigerian banks.This research work also analyses the existing mode of operation in the banking industry including the need to implement our newly designed Online Bank Verification Number system using PHP as the programming language.
INTRODUCTION
Faced with the problem of insecurity on customer accounts, the Central Bank of Nigeria (CBN) on February, 2014 initiated a compulsory bank verification number exercise which provides account holders with a unique number that enables the account holder to have a single identity in the banking system aimed at protecting bank customers from identity theft and other financial/economic crimes emanating in the banking sector of Nigeria (Orji, 2014) .
The Bank Verification Nlumber (BVN) is a bold step taken by the Central Bank of Nigeria, to strengthen security in the banking sector of Nigeria. One beauty of the BVN is that transactions will be safer once it is implemented fully. The BVN exercise aims at ensuring that bank transactions are safer and fraudulent transactions are minimized, if not totally eliminated. The campaign is on, but the public may not realize its importance until it closes in in the new extension deadline, October 2015.
BVN uses biometric technology to register customers in the banking sector. It records these physical features which are unique to individuals – fingerprints and the face. The record would be used to identify the person afterwards. Once a person’s biometrics have been recorded, and BVN issued the account would be accessed through BVN. The major objectives of the initiative are to protect bank customers, reduce fraud and strengthen the Nigerian banking system.
Biometric enrolment is helpful to people who cannot read and write. Their finger prints and pictures would serve the same purpose as signatures. Multiple account holders would be covered with a single registration in any of the banks where they have accounts.
BVN will help the banking system reduce situations where loan defaulters, for instance, move from one bank to the other and the banks extend new credits to them, without knowing their history. Banks would be able to track transactions across all banks in Nigeria with more ease.
1.2 STATEMENT OF THE PROBLEM
Over the years, the banking sector of Nigeria has played the role of the intermediate body in regards to ensuring the smooth running of the economy and coordination other sectors involved in the circular flow of income in the Nigerian economy. However, growth in this sector has been reduced due to high cases of economic and financial crimes (Udenze, 2014). Fraud and money laundering have had adverse impacts on our national development and particularly on the financial system. They have caused damage to the reputation of the image of the country, loss of FDI, poor infrastructural development, dwindling confidence and distortions in our political as well as financial systems, among other things.
In view of these crises crimes perpetuated by cyber thieves, the mandatory bank verification number exercise embarked by various banks nationwide has also caused congestions in banking halls. Although the exercise commenced since February, 2014, the fire brigade approach of most Nigerians has warranted most bank halls to be filled to its maximum capacity. Queues in some banks even extended outside the banking hall. This development has caused confusion in some banking halls as other transactions are placed on hold due to inadequate staff to attend to clients or delayed indefinitely.
1.3 RESEARCH OBJECTIVES
The main objective of this paper is to design and implement a computerized Bank Verification Number System for Nigerians in the Diaspora and at home to use. Specific objectives of the study are:
- To examine the benefits of adopting an online BVN system.
- To identify the necessary structures need to run a successful online BVN system.
- To identify challenges in the design and implementation of an online BVN system.
- To design and implement and online BVN system.
1.4 RESEARCH QUESTIONS
- What are the benefits of adopting an online BVN system?
- What necessary structures are needed to run a successful online BVN system?
- What challenges exist in the design and implementation of an online BVN system?
1.5 SIGNIFICANCE OF THE STUDY
The study will aid in reducing queues at banking halls and reducing identity theft if successfully implemented. Bank managers and other stakeholder in the banking industry of Nigeria can use this web application to restore confidence in the banking sector as more clients will be assured that their funds are safe, and the stress of queuing at banks will be totally eliminated.
The study will also serve as a guide to other student researchers who may want to conduct further research on the subject matter. Findings and recommendations from this system will aid in developing newer versions to serve optimally.
1.6 DEFINITION OF TERMS
BVN: Bank Verification Number
CBN: Central Bank of Nigeria
Biometrics: Biometrics refers to identification of an individual based on physiological attributes- fingerprint, voice, facial features etc.
The Title Page should be the first section of your project “Design And Implementation Of An Online Bank Verification Number (BVN) System”, providing essential details like the project title, your name, your supervisor’s name, the institution, and the submission date. After that, the Abstract offers a brief summary of your project, touching on its purpose, methods, results, and conclusions in 150-300 words. The Acknowledgments section is where you can thank those who supported your research, such as your supervisor, peers, or organizations that provided resources.
Next, the Table of Contents organizes the Design And Implementation Of An Online Bank Verification Number (BVN) System by listing its chapters and sections, along with page numbers for easy reference. The List of Figures and List of Tables help guide readers to specific visual elements like graphs, charts, or tables included in the document. There should also be an Abbreviations and Glossary section to explain any specialized terms or acronyms, making the content clearer to readers unfamiliar with the technical language.
The main body of the Design And Implementation Of An Online Bank Verification Number (BVN) System should start with the Introduction, which provides background information, outlines the research problem, states your objectives, and gives a brief overview of your research methods. Following that, the Literature Review offers an in-depth look at previous research relevant to your project, identifying gaps your study aims to address. The Methodology section then explains the research design, tools, and data collection methods you used to conduct the project and analyze the data.
In the Results and Discussion section, you present your findings and discuss them in relation to the Design And Implementation Of An Online Bank Verification Number (BVN) System research questions or objectives, often using tables or charts to help explain the data. The Conclusion summarizes the key results, discusses their implications, and suggests possible directions for future research. You may also include recommendations based on your findings, offering practical advice for improvements or applications. Finally, the Design And Implementation Of An Online Bank Verification Number (BVN) System project should include a References or Bibliography section to list all the sources you cited, as well as Appendices for any additional material. A Statement of Originality is often included to confirm the authenticity of your work