EXCLUSIVE: BVN Enrollment Up 4.97% To 66.76m In 9 Months

A total number of 3.29 million Bank Verification Numbers (BVNs) were generated between the end of December 2024 and September this year, latest data released by the Nigeria Interbank Settlement System (NIBSS) shows.. .. Read ..Full.. Article.. .

According to the data, total BVN enrollment, which stood at 63.47 million at the end of 2024, rose by 4.97 percent, or 3.29 million to 66.76 million in September. With the previous data released by the NIBSS showing that total BVN enrollment stood at 66.23 million in July, compared with 66.76 million this month, it means that enrollment on the BVN platform only rose by 0.81 per cent, or 534,507, within the two-month period.

Launched on February 14, 2014 by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, NIBSS and the German firm, Dermalog, the BVN scheme was created to establish a unique, centralized biometric identification system for bank customers, aimed at enhancing security against identity theft and fraud, protecting accounts from unauthorized access, supporting Know Your Customer (KYC) requirements, and facilitating financial inclusion by connecting customer accounts across the entire Nigerian banking industry.

The scheme entails licensed financial institutions capturing biometrics of all bank customers and giving each bank customer a unique 11-digit identity number (known as BVN) that can be verified across the Nigerian banking industry.

Also, in October 2017, the CBN released a regulatory framework for BVN operations and Watch-list for the financial system. The apex bank stated that the Watch-list comprises a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities in the Nigerian banking industry.

An analysis of the latest NIBSS data, however, shows that while BVN enrollment has maintained an upward trend in recent years, rising from 51.90 million in 2021 to 56.90 million in 2022, 60.12 million in 2023 and 63.48 million in 2024, there was significant increase in enrollment in the first four months of 2024.

The surge in BVN enrollment followed the circular which the CBN issued to Deposit Money Banks (DMBs) Non-interest banks, Payment Service Banks, other financial institutions and mobile operators, on December 1, 2023, directing them to ensure that all funded bank accounts or wallets, without BVN or National Identification Number (NIN) are placed on “Post No Debit or Credit,” by April 1, 2024.

Specifically, the regulator ordered that, for all existing Tier 1 accounts/ wallets without BVN or NIN, any unfunded account or wallet, should be immediately placed on Post No Debit or Credit until a BVN or NIN is provided by the owners.

It further stated that with effect from March 1, 2024, all funded Tier 1 accounts/ wallets without BVN or NIN, should be placed on Post No Debit or Credit and that no further transactions should be permitted through such accounts/wallets.

In addition, the CBN ordered that the BVN or NIN attached to or associated with all accounts/ wallets must be electronically validated by January 31, 2024, stating that “effective April 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit,’ and no further transactions permitted.”

New Telegraph reports that in May this year, the CBN in collaboration with NIBSS launched the Non-Resident Bank Verification Number (NRBVN) platform, which is aimed at simplifying the process for Nigerians living abroad to obtain their BVN remotely by removing the need for in-person verification in Nigeria.

In his speech at the event, CBN Governor, Mr. Olayemi Cardoso, described the NRBVN platform as an essential tool to bridge the gap between Nigeria and its global citizens. He stressed that the platform would ease the challenges faced by Nigerians in the diaspora, particularly the requirement to physically appear in Nigeria for BVN registration.

He said: “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”

The CBN Governor pointed out that the NRBVN was not just a solution for financial access, but a step and..  Read . .More