The Nigerian Interbank Settlement System, registration information revealed that over 60.2 million Nigerians now have a Bank Verification Number (BVN), 21 days before the due date set by the Central Bank of Nigeria.
This represents a boost of over 2.6 percent from 58.7 million BVN registrations since September 12 2023 before the peak bank’s regulation.
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Remember that in December 1st, 2023, CBN directed business, merchant, non-interest, payment service banks, other banks, and mobile cash operators, through a circular that the BVN or National Identification Number, NIN, connected to all accounts/wallets need to be digitally revalidated by January 31, 2024.
The circular stated that efficient March 1, 2024, all moneyed accounts or wallets without BVN or NIN will be put on ‘Post No Debit or Credit’ and no more deals would be allowed.
According to NIBSS electronic payment factsheet for 2021, the variety of savings account in the nation was 191.4 million, of which 57.9 million were non-active.
According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, 5 percent (3 million) of banked grownups do not have a BVN or NIN.
The boost in BVN reveals that bank clients depend on the job of signing up and revalidating their BVN ahead of the CBN’s due date.