BVN Enrolments Surge by 854,267 to 62.7m in Two Months

Nume Ekeghe

Enrolment for the Bank Verification Number (BVN) by bank account owners surged to 62.7 million as of July 2024, recent data from the Nigeria Inter-Bank Settlement System (NIBSS), has revealed.

This represents a significant increase over the 61.87 million recorded in early May, with 854,267 new registrations in just two months.

The NIBSS data showed that as of December 2023, there were 60 million BVNs registered, indicating a growth of 2.7 million this year.

This surge is primarily attributed to a directive issued by the Central Bank of Nigeria (CBN) in December 2023, which mandated that all banks freeze accounts not linked to a BVN by April 2024.

The directive also required all commercial, merchant, non-interest, and payment service banks, as well as other financial institutions and mobile money operators, to mandate the BVN or National Identification Number (NIN) for all accounts and wallets.

The Central Bank of Nigeria (CBN), had in a strategic move to fortify financial integrity and regulatory compliance, made a significant announcement in December of the preceding year.

The directive, effective from April 2024, outlined stringent measures for accounts lacking both a Bank Verification Number (BVN) and a National Identification Number (NIN).

Through a comprehensive circular, the apex bank emphasised the need to align banking operations with robust security protocols and regulatory standards. Financial institutions were instructed to impose a “Post no Debit” restriction on all existing Tier-1 accounts and wallets that did not comply with BVN or NIN requirements.

This restriction marks a pivotal step in enhancing 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.