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Tuesday, December 7, 2021

Success Of BVN, TSA, NIN Should Give Investors A Lot Of Comfort

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Buhari

President Muhammadu Buhari has expressed that the treasury single account (TSA), bank verification number (BVN), and national identification number (NIN) initiatives have reinforced his administration’s efforts in tackling corruption.

Buhari stated this on Tuesday while speaking at the Future Investment Initiative Summit in Riyadh, Saudi Arabia.

The president’s speech was titled ‘Investing in Humanity: The Nigerian Perspective’.

Speaking on his administration’s anti-corruption drive, Buhari pointed out that the TSA, BVN, and NIN, among other reforms, will give comfort to investors.

The president said the newly-launched eNaira will help tackle the illicit flow of funds, adding that the digital currency will increase participation in the banking sector.

Also Read: Buhari Launches Digital Currency eNaira

“Yesterday, I launched the eNaira, the electronic version of our national currency, which puts us on track to become the first African country to introduce a central bank digital currency,” the president said.

“We believe this and many other reforms, will help us increase the number of people participating in the banking sector, make for a more efficient financial sector and help us tackle illicit flow of funds.

“To further strengthen our anti-corruption drive, increase accountability and transparency, we have centralised government funds through a treasury single account, and ensuring that all Nigerians with a bank account use a unique Bank Verification Number (BVN).

“These initiatives, coupled with our nationwide national identification number (NIN) exercise, reinforce our efforts to tackle corruption and fraud. We believe that this should give investors a lot of comfort.”

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