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As of December 18, 2023, the Bank Verification Number (BVN) enrollments have reached 59.9 million, according to the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
Despite a slow growth in BVN registrations throughout the year, the recent announcement by the Central Bank of Nigeria (CBN) that all bank accounts without BVN would be frozen from April 2024 has spurred a slight increase in BVN enrollments.
The data from NIBSS in September showed that BVN registrations stood at 58.7 million as of September 12, 2023. The recent figure of 59.9 million indicates an increase of over 1 million new BVNs in the last three months.
The BVN database has experienced gradual growth throughout the year, reaching 56.5 million at the end of 2022 with a total of 4.8 million new registrations recorded in that year. In 2023, the BVN database has grown by 3.4 million so far.
While active bank accounts in the country stood at 133.5 million as of December 2021, the difference between the registered BVNs and the number of bank accounts is expected to remain significant, with analysts noting that multiple accounts can be linked to a single BVN.
The BVN serves as a unique identifier for individuals across the Nigerian banking industry, allowing verification of individual accounts. It is linked to every account a customer holds in all Nigerian banks, providing a secure and verified identity for banking transactions.
In response to the slow BVN enrollment growth, the CBN recently announced measures to accelerate the process. From April 2024, accounts without a BVN and National Identification Number (NIN) will be frozen. The CBN has instructed banks to place a “Post No Debit” restriction on existing Tier-1 accounts without BVN or NIN, preventing withdrawals, transfers, or other debits. Additionally, all BVN or NIN attached to accounts must be electronically revalidated by January 31, 2024.
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