BANK VERIFICATION NUMBER AND THE NIGERIAN BANKING SYSTEM

The Major aim of this project is to evaluate Bank Verification Number on the Nigeria Banking System. The design for the study was the correlation design. The population consisted of 100 employees of First Bank, Zenith, UBA, Guaranty and Access Bank branches in Warri. The sample size was (80) using the Taro Yamen’s Formula. Two research questions were raised as well as two hypothesis which was stated in null form of no relationship. The instrument of data collection was the questionnaire, eighty of which were administered and eighty retrieved. The person product moment correlation was used to test the hypotheses at 0.05 level of significance. The findings of the study were that Bank Verification Number has played a key role in ensuring safety of depositors fund, eradicating identity theft and reducing the level of financial crimes within the banking system. It was concluded that implementation of the BVN has engendered public confidence in the banks. Put an end to identity theft and protect illiterate and uninformed customers of the bank from fraud. It was further recommended that efforts should be made to continue with the implementation of the BVN scheme through adequate legislation and policy formulation.