The Chief Executive Officer of the Nigeria Financial Intelligence Unit (NFIU), Hafsat Bakari, has highlighted the pivotal role of the Bank Verification Number (BVN) in Nigeria’s fight against financial crimes.
Speaking at the High-Level Roundtable on Public-Private Partnerships (PPPs) to Combat Financial Crimes in Abuja, Bakari described the BVN as transformative for the nation’s anti-money laundering and counter-terrorism financing (AML/CFT) framework.
The event, jointly hosted by the NFIU and the London Stock Exchange Group (LSEG), brought together stakeholders to explore strategies for tackling financial crimes through enhanced cooperation.
BVN as a game-changer
Bakari credited the BVN initiative, a partnership between the Central Bank of Nigeria (CBN) and commercial banks, for significantly improving financial transaction transparency and reducing identity fraud.
“The BVN provides every bank customer with a unique biometric identifier linked to all their accounts, enhancing…