Inksnation DAO has rolled out a plan to verify new and old users through their Banks Verification Number BVN.
The Pinkoin cryptocurrency tech-firm made the announcement in its weekly meeting with members after announcing that this is necessary because it will serve as a means of not only curtailing and exposing those who have double accounts, but it will also make the exchange of pinkoin to cash easy.
Inksnation recently purchased a financial technology company in Switzerland and is also concluding plans to purchase a microfinance bank in Nigeria.
An upgrade of the site to integrate the cryptocurrency and the regular bank has been scheduled and it will run for almost four (4) months. Once concluded, more features will be rolled out and they include, instant exchange of pinkoins to cash straight to your local bank account, enabling of inksnation merchants, the release of Inksnation APP, etc.
We will be upgrading with microfinance and upgrading it to a state or national microfinance bank that means we will be onboarding the current structures from state directors to local government directors most likely as branch managers and as agent locations. Mr. Omotade Sparts announced.
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Because of the coming upgrade, there will be some off and on between November 2020 and March 2021 when we believe the full upgrade will be over.
In order not to stop exchange activities totally during the period of the upgrade, we decided that there will not be an exchange in November rather November 12 – December will be for new verification through BVN.
To lighten up things, we will have 7 days inks market in 7 zones of every state in Nigeria for inks market to serve as a Christmas bonus and end-of-the-year palliatives for all our members, and it’s going to be huge.
How To Link Inksnation Account With BVN
The BVN verification is a seamless process where members will carry out the linking without going to meet any exchanger or third party.
- Login to your Inksnation membership account
- A pop up will appear, prompting you to type your BVN. It will also be available as a menu option.
- The system will search to make sure the details in your BVN is the same as the information in your inksnation account. So before you commence, make sure your inksnation profile is the same as the information in your BVN.
- After inputting your BVN, you will be prompted to make a payment of N200 for the verification process.
- If the details are correct, your Inksnation account will be verified and linked to your bank account.
- For children who don’t have BVN yet, they will wait till the upgrade is concluded so they can be verified using the National Identity Number, NIN.
Benefits Of BVN Verification
- Exchange of pinkoins to cash directly to a local bank account.
- streamlining of membership to one member per account.
- Bringing sanity to the system.
- Giving the Pinkoin it’s true value.
Deadline For Inksnation BVN Verification
The inksnation BVN verification will commence November 14th to December 12th for those who are in the first and second batch. Anyone who does not do the BVN verification will not be able to continue in their dashboard and after December 12, they will be pushed to the 3rd batch (May 2021).
What Is BVN?
Bank Verification Number (BVN) is a unique identification number (11 digits) issued to every bank customer and linked to every bank accounts that the customer has in all banks in Nigeria.
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The BVN was launched by the Central Bank of Nigeria (CBN) on February 14, 2014 in collaboration with the Banker’s Committee as a centralized biometric identification system for the Nigerian banking industry.
Purpose of BVN
The primary aim of creating a unique identification number for bank customers is to stem the increasing case of identity fraud in the banking industry.
Other objectives of BVN includes:
To use BVN information as a means of identifying and verifying all individuals that have account(s) in any Nigerian bank and as a means of authenticating customer’s identity at the point of transactions.
To provide a uniform industrially accepted unique identity for Bank Customers
To authenticate transactions without the use of cards using only biometric features and PIN.
Identification of blacklisted customers
In other to ensure increased enrollment of bank customers, the banker’s committee in its 11th retreat held in December 2018, classified BVN into 2 categories, the BVN Premium and BVN Lite.
The BVN Premium covers bank customers that can provide the 18 basic requirements for a complete BVN enrolment while the BVN Lite will require minimal documentation like name and phone number for bank customers, especially those in the rural areas that do not meet the full requirements.
There are over 42.4 million customers that have been registered on the BVN platform since inception.
The CBN however promised to increase the number of registered bank customers to 100 million by 2024.
Benefits of BVN
BVN provides a unique identification that can be verified by all financial institutions.
It protects the bank account of customers from unauthorized access.
It addresses the issue of identity theft, thus reduce exposure to fraud.
The BVN enhances the Banking Industry’s chances of being able to fish out blacklisted customers.
Standardized efficiency of Banking operations.
Risks in disclosing your BVN?
There have been reservations among bank customers about BVN fraud, how fraudsters can use a bank customer’s BVN to steal funds in the bank account of such customer.
Nigerian Bankers say disclosing your BVN to any person or group does not pose any threat to the funds in your bank account.