The traditional account opening process in banks often involves paperwork and lengthy procedures, which can deter potential customers, especially the unbanked and underbanked population. Using mobile numbers as account numbers streamlines the account creation process, making it quick and straightforward, leading to increased financial inclusion.
Nigeria has a significant number of unbanked and underbanked individuals. By linking bank accounts to mobile numbers, Veegil Media expands access to financial services to a broader audience, including those who might not have access to traditional banking facilities due to geographical barriers or lack of documentation.
By using mobile numbers as account numbers, Eluupee eliminates the need for users to remember lengthy and complex account numbers. This simplification reduces the likelihood of errors during transactions, ensuring a seamless and error-free banking experience for users. The association of the mobile number with the account makes it easier for users to receive funds, make payments, and manage their finances effortlessly.
Integrating the Bank Verification Number (BVN) with mobile numbers ensures a higher level of identity verification and security. BVN is a unique identifier linked to an individual's biometric data, reducing the risk of fraudulent activities and providing users with increased confidence in their financial transactions.