The number of Bank Verification Number (BVN) enrolments in the country has increased by 1.33 million, or 2.1 percent, to 64.8 million this month from 63.47 million at the end of 2024.
The Nigeria Inter-Bank Settlement System (NIBSS) announced this yesterday in their most recent BVN data. The report also showed that BVN enrolment in 2024 increased by 3.362 million, or 5.6%, from 60.115 million at the end of 2023.
However, according to the latest NIBSS data on the number of active bank accounts, there is a discrepancy between the number of accounts and the number of BVN, which is a mandatory criterion for creating an account. According to the report, Nigeria’s active bank accounts totalled 231.1 million in July 2024.
According to the Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey, 5.0 percent (3 million) of banked adults lack a BVN or National Identification Number (NIN).
Recall that in October of last year, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, announced that NIBSS would launch a non-resident BVN platform to allow Nigerians in the diaspora to operate their local bank accounts, run their businesses, and resolve KYC issues with financial institutions from anywhere in the world.
The program is part of efforts to ensure that Nigerians, regardless of where they live, can freely engage in the Nigerian economy and diversify their enterprises.
