The Chief Executive Officer of the Nigeria Financial Intelligence Unit, Hafsat Bakari, emphasized the crucial role of the Bank Verification Number in Nigeria’s efforts to combat financial crimes.
Speaking at the High-Level Roundtable on Public-Private Partnerships (PPPs) to Combat Financial Crimes in Abuja, Bakari described the BVN as transformative for Nigeria’s anti-money laundering and counter-terrorism financing framework.
The event, jointly hosted by the NFIU and the London Stock Exchange Group, brought together stakeholders to discuss strategies for combating financial crimes through strengthened cooperation.
Bakari credited the BVN initiative, a collaboration between the CBN and commercial banks, for greatly enhancing financial transaction transparency and reducing identity fraud.
“The BVN provides every bank customer with a unique biometric identifier linked to all their accounts, enhancing monitoring capabilities and reducing fraudulent activities,” she said.
According to Bakari, this initiative highlights the potential of Public-Private Partnerships (PPPs) to create systemic impact in the fight against financial crimes.
Bakari stressed that financial crimes, which are often international in scope, exploit gaps in regulation and enforcement.
“These crimes undermine economic integrity, threaten national and global security, and facilitate the spread of illicit goods and weapons that destabilize regions,” she said.
She added that no single organization can combat financial crimes alone, advocating for stronger cooperation among stakeholders to share intelligence and align strategies.
According to her, PPPs provide a structured platform to pool resources, share actionable insights, and address financial crimes at all levels.
Bakari also called for closer collaboration with international partners, such as the LSEG, to enhance Nigeria’s involvement in global financial crime prevention efforts.
Meanwhile, the Minister of Interior, Olubunmi Ojo also addressed the roundtable, highlighting the importance of clean and transparent investments in tackling financial crimes.
“Collaboration is crucial to fighting financial crime and encouraging clean investment. PPPs must be vetted by the NFIU to ensure funds are properly invested in societal development, rather than being misappropriated,” Ojo said.
He urged government agencies to complement each other’s efforts, promoting shared values and a unified approach to preventing financial crimes.
A recent directive from the CBN mandates that every financial account, including those of fintechs, must be linked to a BVN before it can be activated.
This ensures that account owners are properly identified by their banks and can be easily traced in the event of fraud.
