BVN enrolment reaches 54.7m
By Jeph Ajobaju, Chief Copy Editor
Biometric Verification Number (BVN) enrolment by bank account owners rose from 51.7 million in December 2021 to 54.7 million in May 2022, according to the Nigeria Inter-Bank Settlement System (NIBSS).
NIBSS data shows active bank accounts totalled133.5 million in December 2021. There may be multiple accounts linked to one BVN but analysts say there remains a gap between bank accounts and BVN enrolment to be filled.
The CBN in December 2019 announced the commencement of the classification BVN 2.0 plan that allows both rich and poor rural dwellers to access financial services – so as to get more people on the BVN database.
CBN Governor Godwin Emefiele, who made the disclosure at the end of the 11th Bankers’ Committee retreat in Ogere, Ogun State, explained that BVN is classified into two, BVN Premium and BVN Lite.
He said BVN Premium covers customers who can provide all the 18 basic requirements for a complete BVN enrolment but BVN Lite requires minimal documentation like names and phone numbers for bank customers, especially those in rural areas who do not meet the full requirements.
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BVN 2.0 classification
The initiative, which is in collaboration with the Nigerian Communication Commission (NCC) and Mobile Money Operators (MMOs), would ensure more Nigerians are brought into the financial system.
“The BVN 2.0 classification scheme will help bring more people into the financial system and reduce the financial exclusion rate,” Emefiele said, per Nairametrics.
About BVN
BVN is a unique number that allows individual accounts to be verified across the Nigerian banking industry.
The ID number is issued to every bank customer at enrolment and linked to every account the customer has in all Nigerian banks.
The NIBSS says BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, and also ensures that the bank accounts of customers are protected from unauthorised access.