Registration for BVN increases by 300,000 from May
By Jeph Ajobaju, Chief Copy Editor
Registration for Biometric Verification Number (BVN) by bank account owners rose to 55 million in July, according to the Nigeria Inter-Bank Settlement System (NIBSS) in its latest report.
BVN database had 54.7 million in May, meaning about 300,000 bank account owners signed up for it in June and July.
A total 3.3 million new registrations were recorded between January and July, going by the 51.7 million total in December 2021.
NIBSS data shows there were 133.5 million active bank accounts in December 2021. Multiple accounts may be linked to one BVN, but industry analysts said there is still a gap between bank accounts and BVN registration which must be filled.
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About BVN
Nairametrics explains that BVN is a unique number that allows individual accounts to be verified across the banking industry. It is issued to every bank customer at enrolment and linked to every account the customer has in all Nigerian banks.
NIBSS affirms that BVN gives bank account owners a unique identity that can be verified across the banking industry, and ensures bank accounts are protected from unauthorised access.
The Central Bank of Nigeria (CBN) in December 2019 began classification of BVN 2.0 that allows both the rich and poor in rural areas to access financial services.
CBN Governor Godwin Emefiele broke the news at the end of the 11th Bankers’ Committee retreat in Ogere, Ogun State where he explained the classification as BVN Premium and BVN Lite.
BVN Premium covers those who can provide the 18 basic requirements for a complete enrolment. BVN Lite requires minimal documentation like names and phone numbers of those, especially in rural areas, who do not meet the full requirements.
The scheme collaborates with the Nigerian Communication Commission (NCC) and Mobile Money Operators (MMOs) so as to enrol more people.
“The BVN 2.0 classification scheme will help bring more people into the financial system and reduce the financial exclusion rate,” Emefiele said.
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