BVN Enrolment Surges by 1.75m in Five Months to 61.87m

Nume Ekeghe

Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) has reveal a significant increase in the total enrolment of Bank Verification Numbers (BVN), with a growth of 1.75 million over the span of five months, reaching 61.87 million as of May 2024.

According to the NIBSS figures, the BVN enrolment stood at 60,115,360 at the close of 2023.

However, the latest data for May 2024 indicates a notable rise to 61,873,166, marking an increase of 1,757,806 within the stated period.

Furthermore, data from April 2024 suggests that BVN enrolment experienced a monthly growth of 267,905, with the total count reaching 61,605,261 by the end of that month.

It would be recalled that in a strategic move aimed at fortifying financial integrity and regulatory compliance, the Central Bank of Nigeria (CBN) made a significant announcement in December of the preceding year. The directive, slated to take effect from April 2024, outlined stringent measures concerning accounts lacking both a Bank Verification Number (BVN) and a National Identification Number (NIN).

Through a comprehensive circular, the apex bank underscored the imperative of aligning banking operations with robust security protocols and regulatory standards. As part of this initiative, financial institutions were instructed to impose a “Post no Debit” restriction on all existing Tier-1 accounts and wallets that failed to comply with BVN or NIN requirements.

The implementation of this restriction marks a pivotal step in bolstering customer identification protocols and safeguarding against potentially fraudulent activities within the financial ecosystem. By mandating the freezing of accounts without BVN or NIN, the CBN aims to mitigate risks associated with unverified transactions and enhance transparency across the banking sector.