ABSTRACT
The Bank Verification Number (BVN) became
imperative following the increasing incidence of compromise on conventional
security systems such as password and Personal Identification Number (PIN) of
customers. The BVN involves identifying an individual based on physiological or
behavioural attributes, such as fingerprint, signatures and others. The
customers unique BVN is accepted as a means of identification across all banks
system. On the basis of introducing the concepts
of Bank Verification Number system, this project work illustrates the role that
the BVN plays in Nigerian banks.This research work also analyses the existing
mode of operation in the banking industry including the need to implement our
newly designed Online Bank Verification Number system using PHP as the
programming language.
TABLE OF CONTENT
CHAPTER ONE
1.1
INTRODUCTION
1.2
STATEMENT
OF THE PROBLEM
1.3 RESEARCH OBJECTIVES
1.4 RESEARCH QUESTIONS
1.5
SIGNIFICANCE OF THE STUDY
1.6 DEFINITION OF TERMS
CHAPTER TWO
2.0 INTRODUCTION
2.1 WHAT IS BANK VERIFICATION NUMBER (BVN)
2.1 WHAT IS BANK VERIFICATION NUMBER (BVN)
2.2 THE IMPORTANCE OF BANK VERIFICATION NUMBER
2.3 ENROLMENT PROCESS
2.4 NUBAN (Nigerian Uniform Bank Account Number)
2.4.1 WHAT IS NUBAN?
2.4.2 TRANSITION
2.5 DIFFERENCES BETWEEN BVN AND NUBAN
CHAPTER THREE
SYSTEM ANALYSIS AND
DESIGN
3.0
INTRODUCTION
3.1 RESEARCH
METHODOLOGY
3.2
SYSTEM
REQUIREMENT SPECIFICATION
3.3
SYSTEM
DESIGN
3.3.1
LOGICAL DESIGN
3.3.2
INPUT DESIGN
3.3.3
OUTPUT DESIGN
3.4
USE
CASE DIAGRAM
3.5 PROGRAM FLOWCHART
3.6
DATABASE STRUCTURE
CHAPTER FOUR
SYSTEM IMPLEMENTATION
4.1.0
INTRODUCTION
4.2.0
FEATURES OF IMPLEMENTATION LANGUAGES
4.3.0
SYSTEM TESTING STRATEGIES
4.3.1
UNIT TEST
4.3.2
INTEGRATION TESTING
4.4.0
TARGET COMPUTER SYSTEM REQUIREMENTS
4.5.0
SOFTWARE MAINTENANCE ISSUES
4.5.1
CORRECTIVE MAINTENANCE
4.5.2
PREVENTIVE MAINTENANCE
4.5.3
ADAPTIVE MAINTENANCE
CHAPTER FIVE
5.0 Introduction
5.1 Constraints of the Study
5.2 Summary
5.3 CONCLUSION
5.4 Recommendations
REFERENCES
APPENDIX:
SOURCE CODE
CHAPTER ONE
1.1 INTRODUCTION
Faced
with the problem of insecurity on customer accounts, the Central Bank of
Nigeria (CBN) on February, 2014 initiated a compulsory bank verification number
exercise which provides account holders with a unique number that enables the
account holder to have a single identity in the banking system aimed at
protecting bank customers from identity theft and other financial/economic
crimes emanating in the banking sector of Nigeria (Orji, 2014) .
The
Bank Verification Nlumber (BVN) is a bold step taken by the Central Bank of
Nigeria, to strengthen security in the banking sector of Nigeria. One beauty of
the BVN is that transactions will be safer once it is implemented fully. The
BVN exercise aims at ensuring that bank transactions are safer and fraudulent
transactions are minimized, if not totally eliminated. The campaign is on, but
the public may not realize its importance until it closes in in the new
extension deadline, October 2015.
BVN uses biometric
technology to register customers in the banking sector. It records these
physical features which are unique to individuals – fingerprints and the face.
The record would be used to identify the person afterwards. Once a person’s
biometrics have been recorded, and BVN issued the account would be accessed
through BVN. The major objectives of the initiative are to protect bank
customers, reduce fraud and strengthen the Nigerian banking system.
Biometric enrolment
is helpful to people who cannot read and write. Their finger prints and
pictures would serve the same purpose as signatures. Multiple account holders
would be covered with a single registration in any of the banks where they have
accounts.
BVN will help the
banking system reduce situations where loan defaulters, for instance, move from
one bank to the other and the banks extend new credits to them, without knowing
their history. Banks would be able to track transactions across all banks
in Nigeria with more ease.
1.2
STATEMENT OF THE PROBLEM
Over the years, the banking sector of Nigeria has played the
role of the intermediate body in regards to ensuring the smooth running of the
economy and coordination other sectors involved in the circular flow of income
in the Nigerian economy. However, growth
in this sector has been reduced due to high cases of economic and financial
crimes (Udenze, 2014). Fraud and money laundering have had adverse impacts on
our national development and particularly on the financial system. They have
caused damage to the reputation of the image of the country, loss of FDI, poor
infrastructural development, dwindling confidence and distortions in our
political as well as financial systems, among other things.
In
view of these crises crimes perpetuated by cyber thieves, the mandatory bank
verification number exercise embarked by various banks nationwide has also
caused congestions in banking halls. Although the exercise commenced since
February, 2014, the fire brigade approach of most Nigerians has warranted most
bank halls to be filled to its maximum capacity. Queues in some banks even
extended outside the banking hall. This development has caused confusion in
some banking halls as other transactions are placed on hold due to inadequate
staff to attend to clients or delayed indefinitely.
1.3 RESEARCH OBJECTIVES
The
main objective of this paper is to design and implement a computerized Bank
Verification Number System for Nigerians in the Diaspora and at home to use.
Specific objectives of the study are:
1. To
examine the benefits of adopting an online BVN system.
2. To
identify the necessary structures need to run a successful online BVN system.
3. To
identify challenges in the design and implementation of an online BVN system.
4. To
design and implement and online BVN system.
1.4 RESEARCH QUESTIONS
1. What
are the benefits of adopting an online BVN system?
2. What
necessary structures are needed to run a successful online BVN system?
3. What
challenges exist in the design and implementation of an online BVN system?
1.5 SIGNIFICANCE OF THE
STUDY
The
study will aid in reducing queues at banking halls and reducing identity theft
if successfully implemented. Bank managers and other stakeholder in the banking
industry of Nigeria can use this web application to restore confidence in the
banking sector as more clients will be assured that their funds are safe, and
the stress of queuing at banks will be totally eliminated.
The
study will also serve as a guide to other student researchers who may want to
conduct further research on the subject matter. Findings and recommendations
from this system will aid in developing newer versions to serve optimally.
1.6 DEFINITION OF TERMS
BVN: Bank
Verification Number
CBN: Central Bank
of Nigeria
Biometrics:
Biometrics refers to identification of an individual based on physiological
attributes- fingerprint, voice, facial features etc.
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