CBN Captures 31million Nigerians In BVN

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About 31 million bank account holders in the Nigerian banking sector have been put under the Central Bank of Nigeria-initiated Bank Verification Number (BVN). The initiative was introduced to ensure unique identifier in the Nigerian banking industry, address the absence of a unique identifier in the Nigerian banking industry and to facilitate the creation of inclusive financial services environment. “As at December 2017, the implementation of the BVN Project recorded 31,426,091 registered BVNs and 43,959,282- accounts linked with BVN,’’ CBN director, Banking and Payment System, Dipo Fatokun disclosed while delivering a speech at the annual meeting of the ID4Africa movement in Abuja. Mr. Fatokun noted that the scheme was part of the federal government’s strategy towards accelerating financial inclusion in the country. “Nigeria launched its National Financial Inclusion Strategy in October 2012 with the goal of reducing the percentage adult Nigerians that are excluded from financial services from 46.3 per cent in 2010 to 20 per cent by 2020,’’ he stated.

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