Belgium’s banking sector will begin rolling out a new security feature known as the IBAN-name check this summer, ahead of a European Union deadline of October 9, 2025. The system is intended to reduce fraud in bank transfers by verifying that the recipient’s account name matches the provided International Bank Account Number (IBAN). If there is a mismatch, customers will receive a warning before finalizing the payment.
IBAN-Name Check Draws Comparisons to Nigerian Practices
The IBAN-name check is part of the EU’s Instant Payments Regulation and has been adopted in several European countries to combat fraud and misdirected transfers. Belgian banking federation Febelfin has confirmed that banks will begin offering the service in phases from late June through early autumn, with individual banks setting specific timelines for their rollout.
At least one report has suggested that Belgium’s approach mirrors that of Nigeria’s Bank Verification Number (BVN) system, though the two initiatives are technically and legally separate. The Belgian measure relies on database cross-checks between banks to compare payee names and account details and does not involve biometric data or mandatory national identity enrolment. In contrast, Nigeria’s BVN, introduced in 2014, links customers’ banking activities to a central biometric database, helping reduce fraud and enhance financial inclusion.
Still, some observers see parallels in the underlying goal of strengthening payment security. Collins Nweke, a former Green councillor in Ostend and financial commentator with ties to both Belgium and Nigeria, said, “For those of us straddling both Europe and Africa, this is nothing new. Nigeria embedded this in its banking DNA in 2014. By 2018, it was already mandatory to match account names with numbers before completing transfers. It was visionary—and it worked.”
Security Concerns Drive New Measures
The upcoming IBAN-name check follows a broader trend of European financial institutions enhancing security measures to reduce fraud and errors in digital payments. While Belgian banks have previously tested biometric authentication for mobile banking, the new name-matching system is a data-driven tool and does not involve biometric verification of customers.
In Nigeria, the BVN system has grown to cover more than 64 million bank accounts, demonstrating the potential benefits of strict identity and transaction verification processes. However, the Belgian rollout remains firmly tied to EU regulations and uses European technologies rather than adopting the BVN framework directly.
Sources: Tribune Online, Proshare
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By Ji-seo Kim
