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The number of Bank Verification Number (BVN) enrollments in Nigeria has seen a 2.1% increase, rising by 1.33 million to reach 64.8 million this month, up from 63.47 million at the close of 2024, according to the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The NIBSS report also indicated that BVN enrollments grew by 5.6% in 2024, with an increase of 3.362 million from 60.115 million at the end of 2023.
However, despite the growth in BVN registrations, there remains a significant gap between the number of active bank accounts and the number of BVNs, which is a mandatory requirement for opening a bank account in Nigeria. The NIBSS data revealed that the number of active bank accounts in the country stood at 231.1 million as of July 2024.
Further insights from the Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report show that 5.0% (around 3 million) of banked adults do not have a BVN or National Identification Number (NIN), highlighting a critical gap in the adoption of these essential identification mechanisms.
In a related development, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, announced in October last year that the NIBSS would launch a non-resident BVN platform. This initiative is designed to enable Nigerians living abroad to easily manage their local bank accounts, conduct business transactions, and resolve Know Your Customer (KYC) issues with financial institutions, no matter where they are located globally.
Cardoso emphasized that this initiative is part of broader efforts to ensure that Nigerians, regardless of their location, can actively engage in the Nigerian economy and explore opportunities for diversifying their businesses.
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