The Bank Verification Number commonly called BVN is a biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria. It is a modern security measure in line with the Central Bank of Nigeria Decree to reduce fraud in the Nigerian banking system.
The system works by recording fingerprints and a facial photograph of the client.
Issues arose where fraudsters attempted to use the launch of the system to phish for customers' bank details.
References
Bank Verification Number Wikipedia(Text) CC BY-SA