BVN Enrollments in Nigeria Reach 63.4 Million – NIBSS
Bank Verification Number (BVN) enrollments in Nigeria have surged to 63.4 million as of September 2024, according to the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
This reflects a significant increase from the 62.7 million recorded in July 2024, with 750,048 new registrations in the last two months.NIBSS data further reveals that since December 2023, when BVN enrollments stood at 60 million, the database has grown by 3.4 million in 2024.
The increase in BVN registration is likely a result of the Central Bank of Nigeria’s (CBN) directive in December 2023, which mandated that all bank accounts not linked to a BVN be frozen by April 2024.
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The CBN’s directive also requires commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators to ensure that all accounts and wallets are linked to either a BVN or a National Identification Number (NIN).
Despite the growth in BVN registrations, a significant gap remains between the number of registered BVNs and active bank accounts in the country.
NIBSS reported 231.1 million active bank accounts as of July 2024, far outpacing the 63.4 million BVNs currently registered. However, experts suggest the disparity may not be as large as it appears, as multiple accounts can be linked to a single BVN.
According to the Enhancing Financial Innovation and Access (EFInA) 2023 survey, about 5% (3 million) of banked adults in Nigeria do not have either a BVN or a NIN, highlighting the ongoing need for compliance with the CBN’s regulations.
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