The number of Nigerians with BVN reaches 60.3 million, surpassing the Central Bank of Nigeria's dead
As the Central Bank of Nigeria's deadline for registration approaches in 21 days, the number of Nigerian bank customers registering for the Bank Verification Number (BVN) has surged to 60.2 million, as per the latest data from the Nigerian Interbank Settlement System (NIBSS). This marks a growth of over 2.6%, up from 58.7 million BVN registrations recorded as of September 12, 2023.
On December 1, 2023, the Central Bank of Nigeria issued a directive through a circular to commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators. The directive stated that the BVN or National Identification Number (NIN) linked to all accounts/wallets must undergo electronic revalidation by January 31, 2024. According to the circular, starting from March 1, 2024, all funded accounts or wallets lacking BVN or NIN will be subject to a 'Post No Debit or Credit' status, prohibiting any further transactions.
As per the 2021 NIBSS electronic payment factsheet, the total number of bank accounts in the country stood at 191.4 million, with 57.9 million categorized as inactive.
Additionally, data from the Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey revealed that five percent (3 million) of banked adults lack either a BVN or NIN.
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