Nigeria Inter-Bank Settlement System Enrolment Rises To 1.75m in Four Months

Date:

May 16, 2024.

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Azonuchechi Chukwu.

Data released by the Nigeria Inter-Bank Settlement System (NIBSS) have revealed that registration for the Bank Verification Number (BVN) increased by 1.75 million in the last four months plus a few days in May.

The BVN database, which stood at 61.16 million as of March 15, 2024, jumped to 61.87 million by the middle of May, according to NIBSS data. As of December 2023, the BVN database stood at 60.11 million.

While registration for the number was slow throughout 2023, the recent announcement by the Central Bank of Nigeria (CBN) that all bank accounts without BVN would be frozen from April 2024 might have contributed to the increase in registration over the last two months.

In December 2023, the apex bank also directed commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, through a circular that the BVN or National Identification Number (NIN) attached to all accounts/wallets must be electronically.

Meanwhile, the number of active bank accounts in the country shows that there is still a very wide gap between the number of accounts and the number of BVN, which is now a compulsory requirement for opening an account.

According to the recent banking data released by NIBSS, the number of active bank accounts in Nigeria stood at 219.6 million in March 2024.

Going by the current number of BVNs, there is a gap of about 157.8 million between the number of accounts and the registered BVNs. However, industry analysts believe that the difference may not be much given that multiple accounts can be linked to a single BVN.

According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, 5% (3 million) of banked adults do not have a BVN or NIN.

A BVN is a unique number that allows individual accounts to be verified across the Nigerian banking industry.

The unique ID number is issued to every bank customer at enrolment and linked to every account that the customer has at all Nigerian banks. According to NIBSS, the BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, while it ensures that customers’ bank accounts are protected from unauthorized access. (www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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