As the Central Bank of Nigeria’s (CBN) deadline of December 18, 2023, for Bank Verification Number (BVN) registration approaches, the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals that the number of registered Nigerians has surged to 59.9 million.
According to the recently released BVN registration data update seen by AMBusiness, the most recent NIBSS data from September reported 58.7 million registered BVNs as of September 12, 2023.
The data indicates a significant increase in registrations, with over 1 million new BVNs recorded in the last three months leading up to the December deadline.
While BVN registration faced delays earlier in the year, the recent announcement by the CBN that all bank accounts without a BVN would be frozen starting April 2024 has motivated individuals to comply, contributing to the rise in the BVN database.
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The BVN database has witnessed continuous growth throughout the year, reaching 56.5 million at the end of 2022 after reporting 4.8 million additional registrations.
The expansion has continued in 2023, with an additional 3.4 million BVNs registered so far.
Notably, the NIBSS reported that the country had 133.5 million active bank accounts as of December 2021.
Although data for 2022 and 2023 is yet to be released, it is expected to show a substantial increase from 2021, highlighting the existing gap between registered BVNs and the total number of active bank accounts.
As Nigerians rush to meet the CBN deadline, the central bank’s initiative aims to enhance financial security and reduce fraudulent activities in the banking sector.
The increasing number of registered BVNs signifies a widespread response to the regulatory directive.
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