Kwara bank managers back BVN extension to MFBs

By Adeniyi Olakunle

Bank Managers of Micro-finance Banks (MFBs) across Ilorin the Kwara State have thrown their support for the proposed extension of Bank Verification Number (BVN) to their banks.

ROYAL NEWS gathered that some of the managers expressed satisfaction over the development in Ilorin on Monday.

The Managing Director of Gaa Akanbi Microfinance Bank, Mr. Adeyemi Adetayo said “The BVN extension to MFBs is a good but belated development because it ought to have been implemented along with the conventional Banks.

“If you look around you will discover that some of our customers don’t have bank account in any other banks but MFBs. Therefore, it’s a policy that suppose to have been effected for them to enjoy the benefit.

“These customers are exposed to under handling of their funds and short charging in the conventional Banks which is not common with the MFBs.

Adetayo stressed that the policy reduce the stress of having to tell customers to bring their BVN since they can easily do it for them, adding that they easily track their loan defaulters by linking up with  their accounts with other banks .

The Manager of KCMB Microfinance Bank, Abayomi Ajayi said ” The policy is beneficial not only to Nigerians but also to the bank itself.

It will help to eliminate corruption and criminal acts by customers.

” It will assist in providing detailed information about our customers and they can be tracked when necessary.

Ajayi suggested that the BVN machine is costly, so if the apex bank will mandate it on MFBs they should subsidise the price of purchasing it.

The Managing Director of Balogun Fulani Microfinance Bank, Alhaji Muniru Agunbiade reiterated that most of the banks across Ilorin metropolis have key into the policy in their operations.

According to him, the BVN policy is not new to them as they have a good working relationship with the correspondence Banks on customers transaction regarding it.

The Manager of Blucon Microfinance Bank, Mrs. Susan Owolabi noted that they have already inculcated BVN in their operations but suggested that Federal Government should subsidise it.

It would be recalled that the Minister of Finance, Mrs. Kemi Adeosun, had solicited the cooperation of the Central Bank of Nigeria (CBN) in extending the Bank Verification Number (BVN)  to account holders in Microfinance Banks (MFBs).

Adeosun said this would facilitate the detection of accounts, which might have been opened and operated in such banks for ghost workers by fraudulent syndicates.

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