ASSESSMENT OF BANK VERIFICATION NUMBER (BVN) AS A TOOL FOR FIGHTING CORRUPTION IN NIGERIA

The Bank Verification Number, BVN, is another important step the Central Bank of Nigeria, CBN, is using to strengthen the security of banking transactions and to ensure that fraudulent transactions are minimized, if not totally eliminated. The campaign is on, but the public may not realize its importance until it closes in June 2015 (Adeoti, 2011). Without doubts, the Nigerian banking sector has contributed to the growth and development of the Nigeria Economy. The Nigerian banking sector has maintained the inflow of money in the country so as to stabilize the country’s economy.