1.1 Background of the Study
In banking, security is paramount to protect depositors’ funds. It is in the light of this that the Central Bank of Nigeria (CBN), through the Bankers’ Committee, Deposit Money Banks and Nigeria Interbank-Settlement System (NIBSS), introduced the centralised biometric identification system, and tagged Bank Verification Number (BVN) (Ehi 2015).
Therefore, going by the spate of frauds and cashless policy, the CBN in conjunction with all Nigerian banks launched the BVN project to enhance the operation of banks.

The BVN became imperative following the increasing incidence of compromise on conventional security systems such as password and Personal Identification Number (PIN) of customers (Vanguard Newspaper 2015).
The Bank Verification Number, BVN, is a unique identification number for all Bank Customers within the Nigerian banking industry. BVN is a biometric authentication of Each Bank Customer, especially those who make electronic and cashless transfers through a unique set of digits (Daily Trust Newspaper, March 8 2016).

The initiative is part of the overall policy of the Financial Sector Strategy, FSS, to ensure that Nigeria becomes one of the twenty largest economies in the world by the year 2020 (Ehi 2015).

According to the apex bank, customers are expected to walk into a selected bank fill and submit the BVN enrolment form. Following this, such customer will present him or herself for facial and fingerprint capturing. Thereafter, an acknowledgment slip with the transaction identification will be issued to the customer whose enrolment will be confirmed and a unique BVN, generated. The customer will immediately be notified via sms with the bank verification number. This is in compliance with the directive from the Central Bank of Nigeria (CBN) that by the 30th of June 2015, all bank customers should have the BVN while as from march same year, transactions valued at hundred million naira and above should only be allowed for customers with bank verification number. (Tribune Newspaper October 29, 2015)
The Central Bank of Nigeria considered the exercise as a key component of knows customer policy of banks. It is also a plan to eliminate fear in banks and make the country to be in league with developed countries of the world. As the Bank Verification Number enrolment closes tomorrow, it is therefore imperative for all Nigerians to ensure that they are enrolled. It is believed that if the BVN enrollment is properly managed, it will not only enhance credit advancement to bank customers, but also reduce reported cases of scam, fraud and account impersonation while at the same time assist commercial banks in keeping authentic records of their clients. (Ade, 2016)

Apart from these, the BVN will simplify banking operations especially inter-bank transfer, improve services and reduce unnecessary queues within banking halls.

At this junction, observers believe that there is need for the apex bank to consider extending the enrolment period in view of the large number of Nigerians who are yet to be registered.

Above all the Central Bank of Nigeria should use the various platforms to publicize the intricacies of the policy. This study therefore analyzes the effect of BVN delivery of banking service in Enugu metropolis.

1.2 Statement of the Problem
The role of BVN aimed at controlling hazards associated with social security and credit risk cannot be underestimated. In recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes. In the face of increasing incidents of compromise on our conventional security systems (password and PIN), the need for greater security on access to sensitive or personal information in the Banking system becomes inevitable (Sarah, 2014).

In the same vein, the extent to which violation in the credit policies and credit monitoring system weakens the financial intermediary system continue to attract empirical and theoretical debate on how well Bank Verification system would thwart those issues of default and scam.

In addressing existing challenges with identity management, the Central Bank of Nigeria, through the banker’s committee in collaboration with all Nigerian banks in February 14, 2014 launched a centralized biometric identification system tagged “Bank Verification Number (BVN)”.

The BVN gives each Bank customer a unique identity across the Nigerian Banking industry that can be used for easy identification and verification at Point of Banking operations. Biometrics refers to identification of an individual based on physiological or behavioural attributes- fingerprint, voice, signature, facial features etc (Ehi, 2015).
Bank Verification Number (BVN) is an initiative of the Central Bank of Nigeria to give customers a unique number that can be verified across the Nigerian banking industry. BVN helps to protect every bank customer’s information by assigning to their account a unique identification number. The Bank verification number uses bio-metrics. Which means, the BVN is unique to every individual with respect to their physiological or behavioral attribute with the use of fingerprint or thumbprint or electronic signature etc? This helps to strengthen any banking security system so as to protect individual account from fraudsters or against any fraudulent act from infringed third party.

BVNs are created through the use of biometric data capture machines, which rely on data such as fingerprints and facial recognition technology to establish for each customer “a unique identity across the Nigerian Banking industry for easy identification and verification.” The implementation of BVNs is a part of CBN’s Financial Sector Strategy (FSS) goal of helping the country become “one of the top 20 largest economies in the world by 2020.”

The role through which the BVN enhances the operations of the banking system in Nigeria is challenges that time will show it. This study therefore seeks to investigate the effect of CBN policy on Bank Verification Number in improving the banking services in Nigeria using Enugu metropolise as a case study.

1.3 Objectives of the Study
The broad objective of this study is to examine the effect of CBN policy on Bank Verification Number in improving the banking services in Nigeria using Enugu metropolise as a case study. Specifies objectives are:
1. To determine the significant effect of B.V.N on number of cheque clear in the country.
2. To determine the extent B.VN policy has effected saving account in Nigeria.

1.4 Research Questions
The following research questions guided the study. The research objectives were distilled into six research questions as stated below.
i. What is the significant effect of B.V.N on number of cheque clear in the country?
ii. What is the effect of BVN on saving account in Nigeria?

1.5 Hypotheses of the Study
1. H0: BVN do not have significance effect on number of cheque clear.
H1: BVN have significance effect on number of cheque clear.
2. H0: BVN policy has positive effect on saving account in Nigeria.
H1: BVN policy does not have a positive effect on saving account in Nigeria.

1.6 Significance of the study
The results from this study will be useful to various sector of the economy, particularly the financial sector and government policy makers. It will broader the literatures on economic implications of money laundering and future effect of BVN on economy growth.

Also it will help to identify advantages and disadvantages of BVN to the banks and customers. It will show the impact of BVN policy on money launder and customer satisfaction.

1.7 Scope and limitation of the Study
The research topic is on the effect of BVN delivery of banking services in Enugu metropolis.
The limitation of the study among other things includes lack of data on BVN base on ground that it is new policy in Nigeria. The behaviour of bank officers is another problem the researcher face in sourcing data.

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