The Minister of Communications and Digital Economy, Isa Pantami, has said the Federal Government plans to replace Bank Verification Numbers with the National Identity Numbers.
Pantami stated that he already made a presentation to the National Economic Sustainability Committee and informed the Governor of the Central Bank of Nigeria on the need to replace the BVN with NIN.
The Minister said this while briefing newsmen after a facility tour and inspection of the ongoing NIN enrolment exercise at NIMC and other designated centres in Abuja, adding that the NIN is a law while the BVN is just a regulator’s policy.
“The strength of the law wherever you go is not the same with a policy of one institution,” he said.
According to the minister, the move is necessary because the BVN was only applicable to those who had a bank accounts while NIN was for every citizen and legal resident in the country.
“BVN is our secondary database, while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC,” he said.
The minister claimed that the country is at the forefront of data protection regulations in Africa.
He said, “That is why we came up with the Nigeria Data Protection Regulation that we always enforce and this is applicable to the database at our disposal.
“We take care of it and make sure that security is excellent and we don’t allow anybody to compromise the content because it is a trust from our citizens given to us.’’