It has been found that the BVN database, which stood at 61.16 million as of March 15, 2024, has now jumped to 61.87 million by mid-May.
If this were to be compared with December 2023, there will be a significant increase as the BVN database recorded 60.11 million registrations in the whole of 2023.
Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) has unveiled a significant increase in Bank Verification Number (BVN) registrations, with a staggering rise of 1.75 million in the past four months, including a few days in May.
One possible factor contributing to this surge is the Central Bank of Nigeria’s (CBN) recent announcement that all bank accounts without a BVN would be frozen starting from April 2024.
This directive may have prompted individuals to swiftly register for their BVN in the past couple of months.
In December 2023, Financial institutions were issued a circular, instructing all and mobile money operators to electronically revalidate the BVN or National Identification Number (NIN) linked to all accounts/wallets by January 31, 2024.
While the BVN registration witnessed a remarkable increase, it is worth noting that there is still a reasonable gap between the number of active bank accounts and the registered BVNs, as the BVN is now a mandatory requirement for opening an account.
The Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report reveals that 5% (equivalent to 3 million) of banked adults do not possess a BVN or NIN.
The number of active bank accounts in Nigeria reached 219.6 million in March 2024. This indicates a significant difference of approximately 157.8 million between the number of accounts and the registered BVNs.
However, industry analysts suggest that this disparity may not be as significant, considering that multiple accounts can be linked to a single BVN.
The surge in BVN registrations reflects the growing awareness among Nigerians about the importance of securing their banking identity.
