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| Adewale Okoya |
No doubt, the absence of a reliable
data base has denied eligible Nigerians the benefits of a growing economy. The
Bank Verification Number (BVN) exercise ordered by the Central Bank of Nigeria
(CBN) is therefore a welcome development.
Although Nigeria is among the
world's fastest growing economies and is now the largest economy in Africa,
ordinary citizens have not been able to benefit from this state of affairs due
to intractable distortions in the system.
Indeed, a central customer
identification data base such as the BVN will, in no small way, enable banks to
determine the credit status of their customers. This will unlock the credit
market and enhance the consumer and mortgage appetite of Nigerians.
As usual, the skeptics will dwell
on why they think the effort will not work. For me, rather than remain on one
spot, it is better we strive to change our situation, no matter how little the
effort. Only that, in this case, the BVN is a huge step in the effort to close
the financial inequality gap in Nigeria. Kudos to the CBN.
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