IMPACT OF BANK VERIFICATION NUMBER (BVN) ON CORRUPT BUSINESS PRACTICES IN UNITED BANK FOR AFRICA IN ABUJA

Abstract

The study examined the impact of Bank Verification Number on corrupt business practices in the United Bank for Africa branches in Abuja, FCT. The study adopted a survey research design. The population of the stud}' consists of 21 branches of the United Bank for Africa in Abuja. The population of staff of United Bank for Africa was uncertain and the sample used infinite sample size determination to determine the sample size of 246. The method of data collection used by this study was a questionnaire that was administered to the respondents who are the staff of the United Bank for Africa branches in Abuja, FCT. The statistical tool used is multiple regression and the findings revealed that implementation of BVN as a positive and significant effect on corrupt business practices in the United Bank for Africa, Abuja branches. Other findings were that before the introduction of BVN in the United Bank for Africa, Abuja branches have a positive and significant effect on diversion of the fund. The study found that after the implementation of BVN in the United Bank for Africa, Abuja branches have a positive and significant effect on the diversion of fund. The study also realized that before the introduction of BVN in the United Bank for Africa, Abuja branches have a positive and significant effect on money laundering. The study found that after the implementation of BVN in the United Bank for Africa, Abuja branches have a positive and significant effect on money laundering. The study also found that the difference in the values of mean and standard deviation indicates that the implementation of BVN in 2015 is very good and helps the banking sector as well as the government of Nigeria to monitored banking transfer and transactions. The difference is that model 1 has 76% coefficient of determination while model 2 has 93% coefficient of determination which implies that implementation of BVN has helped in preventing money laundering in the United Bank for Africa. Also, the difference is that model 1 has 76% coefficient of determination while model 2 has 93% coefficient of determination which implies that implementation of BVN has helped in preventing money laundering in the United Bank for Africa. The study recommended that United Bank for Africa branches, Abuja should continue to implement BVN in transacting business by carefully observing customers' biometrics such as fingerprint, signature, pins, 11 digits numbers to prevent corrupt business practices in the bank. The bank branches should ensure that they establish a unit that will be responsible to see that the implementation of BVN is to cart}' out in the branches of the United Bank for Africa. They should monitor the customers' accounts daily.