The number of Bank Verification Number (BVN) registrations has increased substantially, reaching 63.4 million as of September 2024, compared to 62.7 million in July, according to a recent data released by the Nigeria Inter-Bank Settlement System (NIBSS).
This represents a rise of 750,048 registrations over the preceding two-month period.
The BVN is a unique identifier assigned to bank customers, enabling verification across the Nigerian banking industry. The upward trend in BVN registrations can be attributed to the directive issued by the Central Bank of Nigeria (CBN) in December, 2023.
The CBN mandated all financial institutions to freeze accounts not linked to BVNs or pNational Identification Number (NIN) for all accounts and wallets by April 2024, thereby, causing the increased registration. Despite these instructions issued, Nigeria has 231.1 million active bank accounts but only 63.4 million people have BVNs.
According to Enhancing Financial Innovation and Access ( EFInA) Nigeria 2023 Survey report, over five per cent of banked adults ( about 3 million) don’t have BVNs or National Identification Numbers.
To ensure compliance with regulatory requirements and safeguard their accounts, individuals are encouraged to link their BVNs to their bank accounts. This can be accomplished through various channels, including bank branches, websites, or USSD codes specific to each bank.
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