A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS. (A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH)


A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS. (A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH)

Type: Project Materials | Format: Ms Word | Attribute: Documentation Only | Pages: 86 Pages | Chapters: 1-5 chapters | Price: ₦ 3,000.00

2,392 marked this research material reliable.
Call or whatsapp: +2347063298784 or email: info@allprojectmaterials.com
A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS. (A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH)

CHAPTER ONE

INTRODUCTION

 

BACKGROUND OF STUDY

The rate at which fraudulent activities is going on in the country these days is becoming unbearable; the federal government of Nigeria and the CBN have being on their toes to resolve the issue of frauds and to boost financial security in most of the Nigerian banking industry; because all these issues the central bank of Nigeria on February, 2014 made it compulsory that all account holders should have a bank verification number so as to enable the account holder to have a single identity in all the banks in Nigeria; all he or she need to do is to link it with his or her accounts. The essence of this system is to help the bank in the protection of their customers from theft and other financial/ economic crimes growing in the banking industry (orji, 2014)

The Bank Verification Nlumber (BVN) is a great step taken by the Central Bank of Nigeria, to strengthen the financial security and order in the banking sector of Nigeria. One of the importance of the BVN is that transactions will be safer once all protocol is duely observed. The essence of this BVN exercise is to ensure that bank transactions are safer and fraudulent transactions are minimized, if not totally eliminated. The central bank of Nigeria have put in alot of effort to see the success of this excercise, but the general public do not know the importance of the bank verification number; but they started seeing the importance of the bank verification number when the cental bank made it clear that the excercise will stop by october 2015.

The bank verification number system uses biometric technology to register customers in the banking sector. It records these physical features which are unique to individuals fingerprints and the face; this techniques was made effective because every individual has his or her own unique finger prints. 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.

1.2 STATEMENT OF THE PROBLEM

Without doubts, Nigerian banking sector has contributed to the growth and development of the Nigeria. The Nigerian banking sector has maintained the inflow of money in the country so as to stabilize the co untry’s economy. According to Udenze, 2014; stated that growth in this sector has been reduced due to high cases of economic and financial crimes; fraud and money laundry have significant effect on the financial security in the Nigeria banking industry. 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 OBJECTIVES OF THE STUDY

The main object of the research work is to elicit information on the impact of BVN on financial security in Nigerian Banks. Specific objectives of the study are:

To monitor effect of the bank verification number on the level of financial crimes in Nigeria

To give everyone access to a single account

To help limit multiple account by a single owner.

To investigate the role of the central bank of Nigeria in the implementation of the bank verification number system

To investigate the impact of BVN system on the level of financial safety in the Nigerian banks.

1.4 RESEARCH QUESTIONS

1. What are effects of the BVN on the level of financial crimes in Nigeria?

2. What is the impact of BVN system on the level of financial safety in the Nigerian banks?

3. What are roles of the central bank of Nigeria in the implementation of the BVN?

1.5 SIGNIFICANCE OF THE STUDY

The research work is a very important one as it will investigate the the role of the central bank of Nigeria in the implementation of the BVN system, the study will discuss the importance of bank verification number, the bank verification number initiatives will help limit every one to single account so as to monitor the level of financial crimes in Nigeria. The study will also discuss the role of the central bank of Nigeria in the implementation of bank. verification number system. Finally, the study will discuss the role of bank verification number on the level of security.

1.6 SCOPE OF STUDY.

The research work is limited to the study of the impact of BVN on financial security in Nigeria banks using Central Bank, Uyo as a case study.

1.7 LIMITATION OF STUDY.

The study is limited to Central Bank of Nigeria, Uyo branch.

REFERENCES

Udenze, B. (2014). BVN: CBN targets 80% fraud reduction in

banking sector. Obtainable at http://sunnewsonline.com/new/bvn-cbn-targets-80-fraud-reduction-banking-sector.

Orji, V, O. (2015). Knowledge management systems: Issues,

challenges, and benefits. Communications of the Association for Information Systems, 1(7)

A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS. (A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH)

Additional Information

  • The Project Material is available for download.
  • The Research material is delivered within 15-30 Minutes.
  • The Material is complete from Preliminary Pages to References.
  • Well Researched and Approved for supervision.
  • Click the download button below to get the complete project material.

Frequently Asked Questions

In-order to give you the best service available online, we have compiled frequently asked questions (FAQ) from our clients so as to answer them and make your visit much more interesting.

We are proudly Nigerians, and we are well aware of fraudulent activities that has been ongoing in the internet. To make it well known to our customers, we are geniune and duely registered with the Corporate Affairs Commission of the republic of Nigeria. Remember, Fraudulent sites can NEVER post bank accounts or contact address which contains personal information. Free chapter One is always given on the site to prove to you that we have the material. If you are unable to view the free chapter 1 send an email to info@allprojectmaterials.com with the subject head "FREE CHAPTER 1' plus the topic. You will get a free chapter 1 within an hour. You can also check out what our happy clients have to say.


Students are always advised to use our materials as guide. However, if you have a different case study, you may need to consult one of our professional writers to help you with that. Depending on similarity of the organization/industry you may modify if you wish.


We have professional writers in various disciplines. If you have a fresh topic, just click Hire a Writer or click here to fill the form and one of our writers will contact you shortly.


Yes it is a complete research project. We ensure that our client receives complete project materials which includes chapters 1-5, full references, questionnaires/secondary data, etc.


Depending on how fast your request is acknowledged by us, you will get the complete project material withing 15-30 minutes. However, on a very good day you can still get it within 5 minutes!

What Clients Say

Our Researchers are happy, see what they are saying. Share your own experience with the world.
Be polite and honest, as we seek to expand our business and reach more people. Thank you.

A Research proposal for a critical assessment of the role of bank verification number (bvn) in reducing fraud in nigerian banks. (a case study of central bank of nigeria, uyo branch):
Reviews: A Review on a critical assessment of the role of bank verification number (bvn) in reducing fraud in nigerian banks. (a case study of central bank of nigeria, uyo branch), bank, critical, assessment project topics, researchcub.info, project topic, list of project topics, research project topics, journals, books, Academic writer.
The rate at which fraudulent activities is going on in the country these days is becoming unbearable; the federal government of Nigeria and the CBN have being on their toes to resolve the issue of frauds and to boost financial security in most of the Nigerian banking industry; because all these issues the central bank of Nigeria on February, 2014 made it compulsory that all account holders should have a bank verification number so as to enable the account holder to have a single identity in all the banks in Nigeria; all he or she need to do is to link it with his or her accounts. The essence of this system is to help the bank in the protection of their customers from theft and other financial/ economic crimes growing in the banking industry (orji, 2014).. banking and finance project topics

A CRITICAL ASSESSMENT OF THE ROLE OF BANK VERIFICATION NUMBER (BVN) IN REDUCING FRAUD IN NIGERIAN BANKS. (A CASE STUDY OF CENTRAL BANK OF NIGERIA, UYO BRANCH)

Project Information

  • CATEGORY : BANKING AND FINANCE
  • TYPE : PROJECT MATERIAL
  • FORMAT : MICROSOFT WORD
  • ATTRIBUTE : Documentation Only
  • PAGES : 86 Pages
  • CHAPTERS : 1 - 5
  • PRICE : ₦ 3,000.00

Share Links

Download Post
Download Post

Search for Project Topics

Project topics in Departments

Do you need a writer for your academic work?