The Bank Verification Number (BVN) will reduce fraud and identity theft in the financial sector, Managing Director of Addosser Microfinance Bank, Ayodeji Sobulo, has said.
According to him, “duplication of identities” is a problem faced by microfinance banks.
“In this regard, the government has to speed up efforts in the collation of personal data and consecrate our data bank through the BVN, identity cards and Know Your Customers (KYC),” he said.
He urged government agencies to be more flexibile in their regulation of small and medium scale companies to help them survive.
He said the Addosser, with 13 branches accross Lagos, was established to bridge the gulf between the poor and the financial institution.
“Our strength is in the fact that our solutions are tailor-made to suit each customer as our products compete with the best in the country.
“We are partnering the state government on vocational capacity building. We are also working with Avis Car International for youths to have cars of their own instead of driving for others all their life.
“Our interest rates are very flexible, competitive and tailor-made to suit each client; we are not a rigid bank. We look at a lot of parameters about your business before we set our rates,” he said.
Source: The Nation Nigeria