Are you familiar with the Bank Verification Number? The BVN was introduced in 2014 by the Central Bank of Nigeria to enhance financial security, curtail fraudulent activities, and establish an unmistakable identity for every bank account holder.
Developed by NIBSS (Nigeria Inter-Bank Settlement System), the BVN contains important biometric data like an individual’s fingerprints, facial photograph, names, phone numbers, address, and date of birth and has been implemented successfully with over 57.96 million enrollments as of July 3, 2023.
However, as digital payments advance, so do cyber fraud tactics and data privacy concerns, from unauthorised BVN data sharing to impersonation. This is where the iGree platform comes in—a direct response to these concerns and a giant leap toward fraud prevention and data protection.
iGree – Your Data, Your Terms
Designed by the Central Bank of Nigeria (CBN) in collaboration with NIBSS, iGree is a consent management system that adds a layer of security to the BVN verification process. Previously authorised institutions could access BVN data freely, but now iGree introduces an explicit consent mechanism that empowers individuals to grant access to their data only when necessary and approved.
In simple terms, iGree works in three simple steps:
- Initiation: When a financial institution or entity requires BVN data, they will notify you and seek your consent.
- Verification: A unique code (OTP) will be sent to your BVN-registered phone or email to confirm your identity, adding an extra layer of security to prevent unauthorised access.
- Decision: Empowered by the OTP, the choice is yours – grant access or decline. Your data remains under your control.
iGree adheres to Nigeria Data Protection Regulation (NDPR) guidelines, securing your data and preserving your authority over it, ensuring that any request for your BVN data is transparent, compliant, and respectful of your rights.
Using iGree for Identity Verification with Seamfix Verify
What does this mean? NIBSS collects consent directly from BVN holders, while Seamfix Verify serves as a verification partner, facilitating accredited merchants’ access to BVN data. For instance, in the verification process, a BVN holder provides their BVN number on our portal or your application then completes 2-factor authentication via OTP and accepts the invitation to grant access to their BVN data.
For business owners, you can access the iGree platform through API endpoints and software development kits (SDKs) in compliance with CBN’s directive. Integrate iGree into your onboarding process through our web portal by clicking here.
Frequently Asked Questions
Do I need to replace my current KYC process with iGree?
No, the new BVN consent process complements your existing KYC process. It ensures that only authorised institutions seek customer consent before accessing their data.
When did the BVN consent process begin?
The previous BVN validation ended on March 30th, 2023. The new consent process commenced on March 31st, 2023.
What if the BVN holder doesn’t receive the OTP?
If OTP delivery encounters network issues, we suggest a retry. If the BVN holder’s phone number has changed, prompt them to update it at a bank branch for a seamless consent process.
How does this impact my Seamfix Verify integration?
Once customer consent is granted, only approved partners can access BVN data, ensuring seamless compliance.
Are there limits on BVN requests?
There are no limits – all verification requests require consent for secure BVN validation.
Will I incur additional costs for BVN requests?
No, The New BVN IGree Verification comes at a lower rate. However, an additional charge of NGN 5 is debited for OTP sent to the customer.
For any further queries, please contact us via email at email@example.com for assistance with BVN consent.