Bank Verification Number (BVN) primarily exists to:
AReplace ATM cards
BAuthenticate identity uniformly across the banking industryCORRECT
CEliminate cheques
DCalculate credit scores only
CIBNBanking Principles
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
BVN gives each customer a single biometric identity used across all banks to prevent fraud and impersonation.
Want this in Pidgin, Yoruba, Igbo or Hausa? Sign up free →
Practice more Banking Principles questions
CIBN Banking Principles has thousands more questions like this — with Worked answers on every one.