The CBN issued a new directive that will help to protect customer data and improve privacy. Customers must provide iGree with their consent before their BVN data can be electronically accessed by approved institutions (banks, fintechs). The CBN implemented this consent management platform to reduce the risk of fraud and identity theft because the BVN contains sensitive and personal information.
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At Originate, we understand the importance of protecting user data and privacy; it is one of our core values. As a result, we have switched to a new BVN service provider who complies with the new directive. Every new user who signs up on Originate as from {date}Friday,14th March2023, will need to give us consent before we can verify and validate their BVN data.
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Will the new BVN consent process take the place of my current KYC procedure?
The new BVN consent process is intended to ensure that only approved institutions must obtain customer consent before accessing their information in the database. This consent procedure should be used in addition to the KYC procedure included in your customer verification process.
When does the BVN consent process go into effect?
The current BVN validation system will be phased out on {date} Thursday,13th March 2023, and the new consent process will begin on {date}Friday,14th March 2023.
What happens if the BVN holder does not receive the OTP?
Two things can prevent the user from receiving the OTP required to complete the consent process on NIBSS.
SMS delivery failures are caused by network provider issues. When this occurs, you should restart the consent process.
The phone number is no longer available. If the BVN holder is no longer in possession of any of the phone numbers they provided when registering the BVN, they will have to update their contact information at any branch of their bank to complete the consent process.
What is expected of me as a merchant?
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