BVN enrolment nears 65m, with 2024 registration rising above 2023
Enrolment for Bank Verification Number (BVN) has grown by 1.33 million or 2.1 per cent to 64.8 million in January from 63.47 million at the end of 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS) in its latest release.
The data also shows enrolment rose in 2024 by 3.362 million or 5.6 per cent from 60.115 million in 2023.
However, the NIBSS noted a gap between the number of bank accounts and BVN, a compulsory requirement for opening an account; with active accounts at 231.1 million in July 2024 and BVNs at 63.47 in December 2024.
The Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report shows that 5.0 per cent (3 million) of banked adults do not have BVN or National Identification Number (NIN).
Central Bank of Nigeria (CBN) Governor Yemi Cardoso announced in October 2024 that the NIBSS would launch a non-resident BVN platform to enable the 14 million diaspora Nigerians anywhere in the world to operate their bank accounts domiciled in Nigeria, as well as run businesses and sort out KYC (know your customer) issues with financial institutions.
Cardoso said the initiative is part of efforts to ensure that Nigerians regardless of their location in the world can participate in the Nigerian economy and diversify their businesses without hassle.
– Vanguard.
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