Nigeria’s Bank Verification Number Enrollments Reach 62.7 Million in July

In a recent update, the Nigeria Inter-Bank Settlement System (NIBSS) revealed that the total number of enrollments for the Bank Verification Number (BVN) has surpassed 62.7 million as of July 2024. This marks a significant increase from the 61.87 million recorded in May 2024, with a total of 854,267 new account owners registering for the BVN in the last two months.

According to NIBSS, the BVN database has grown by 2.7 million since December 2023, when the total registered BVN stood at 60 million. This surge in registration is attributed to the December 2023 directive of the Central Bank of Nigeria (CBN), which ordered all banks to freeze any account not linked with BVN by April 2024.

As part of the directive, commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators were required to mandate the BVN or National Identification Number (NIN) for all accounts and wallets. This move has resulted in a significant increase in the number of Nigerians obtaining a BVN, with the goal of improving financial inclusion and security in the country.

Interestingly, despite the growth in BVN enrollments, the number of active bank accounts in Nigeria remains substantial, standing at 219.6 million in March 2024. This highlights the ongoing efforts to improve financial inclusion and access to banking services in the country.

The increase in BVN enrollments is a significant step forward in Nigeria’s efforts to promote financial inclusion and stability. As the country continues to implement measures to improve financial security and accessibility, it will be interesting to monitor the progress of this initiative and its impact on the economy.