The enrollment for Bank Verification Numbers (BVN) in Nigeria has reached 64.8 million as of January, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
This reflects an increase of 800,000 registrations in just two months, highlighting ongoing efforts to improve financial security and inclusion.
The BVN, a unique identifier issued to bank customers, is mandatory for operating financial accounts in Nigeria. It ensures account security and allows seamless verification across all banks in the country. Recent Central Bank of Nigeria (CBN) directives have extended this requirement to fintech accounts, making it a crucial component of financial operations.
Despite the progress, they remains a significant gap between BVN enrollment and the total number of active bank accounts in Nigeria, which stood at 231.1 million as of July 2024.
Meanwhile, efforts to cater to Nigerians in the diaspora are facing delays. In October, CBN governor Yemi Cardoso announced plans for a non-resident BVN platform to enable Nigerians abroad to manage local accounts, conduct business, and meet KYC requirements from any location. Although initially slated for a December 2024 launch, the platform has not yet been rolled out.
Source;(Leadership)
