No fewer than 2.47 million Nigerians have registered for the Bank Verification Number (BVN) in the six months, data from the Nigeria Inter-Bank Settlement System (NIBSS) have shown.
As of March 2024, the BVN count stood at 61.16 million, indicating a significant increase from previous figures.
Comparing the latest BVN count with data from December 2023, which reported 59.9 million BVNs, reveals an addition of 674,280 new registrations within three months.
Furthermore, data from September 2023 indicated 58.7 million registered BVNs, showing a notable surge of 2,466,384 new BVN registrations from September to March.
Why BVN registrations are rising
Furthermore, data from September 2023 indicated 58.7 million registered BVNs, showing a notable surge of 2,466,384 new BVN registrations from September to March.
This spike in BVN registrations underscores the growing importance of financial inclusion and regulatory compliance in the Nigeria banking sector.
Introduced by the Central Bank of Nigeria on February 14, 2014, the BVN aims to safeguard bank customers, combat fraud, and enhance the resilience of the Nigerian banking system, the apex bank said at the time.
In response to regulatory directives issued by the CBN, deposit money banks have been actively encouraging customers to update their BVN and National Identification Number (NIN) details.
The CBN announced plans to freeze accounts without a BVN or NIN starting April this year, with a mandate for all BVNs or NINs linked to accounts or wallets to be electronically revalidated by January 31, 2024.
To enforce compliance, the CBN instructed lenders to impose a “Post no Debit” restriction on existing Tier-1 accounts/wallets without BVN or NIN. This restriction prevents customers from making withdrawals, transfers, or any other debits from such accounts until the necessary processes are completed.
In line with the banking industry regulator’s directive, effective March 1, 2024, funded accounts or wallets will also face similar restrictions, further emphasising the importance of regulatory compliance in the banking sector.
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