In a race against time, Nigerian bank customers are flocking to register for the Bank Verification Number (BVN), with figures reaching a staggering 60.3 million just 21 days before the Central Bank of Nigeria’s (CBN) registration deadline.
Recent data from the Nigerian Interbank Settlement System (NIBSS) revealed a notable surge, marking a 2.6% increase from the 58.7 million BVN registrations reported on September 12, 2023. The significance of this surge cannot be overstated, especially considering the looming deadline set by the CBN.
Issuing a circular on December 1, 2023, the CBN mandated all commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators to ensure that the BVN or National Identification Number (NIN) is electronically revalidated by January 31, 2024.
The subsequent enforcement action is equally striking; effective March 1, 2024, funded accounts or wallets lacking a BVN or NIN will be subjected to a ‘Post No Debit or Credit’ status, prohibiting any further transactions.
Putting these numbers into perspective, the NIBSS electronic payment factsheet for 2021 highlighted a total of 191.4 million bank accounts in Nigeria, with a concerning 57.9 million designated as inactive. These statistics underscore the urgency of the BVN revalidation as a means of reviving dormant accounts and enhancing financial transparency.
Furthermore, insights from the Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey revealed that three million banked adults, accounting for five percent, are without a BVN or NIN, signaling the ongoing challenge in achieving universal financial inclusion.
As the clock ticks, Nigerians are swift to heed the call for BVN registration, amplifying the significance of this nationwide effort to streamline financial systems and bolster regulatory compliance.
