The registration for the Bank Verification Number (BVN) by bank account holders in Nigerian has reached 59.9 million, ahead of the April 2024 deadline set by the Central Bank of Nigeria (CBN).
This is according to the latest BVN registration data update released by the Nigeria Inter-Bank Settlement System, as seen by AMBusiness.
The NIBSS data, issued in September, showed that the number of registration stands at 58.7 million as of September 12, 2023.
While registration for the number has been delayed since the beginning of the year, the Central Bank of Nigeria’s recent statement that all bank accounts without a BVN would be frozen beginning in April 2024 has pushed the BVN database a little higher.
With the most recent statistic of 59.9 million, this indicates that over 1 million new BVNs have been registered in the last three months.
Since the beginning of this year, the database has been progressively developing. The BVN database stood at 56.5 million at the end of 2022, after 4.8 million additional registrations were reported in the year.
The BVN database has expanded by 3.4 million thus far this year, with only a few days until the end of 2023.
According to NIBSS, the country had 133.5 million active bank accounts as of December 2021. While data for 2022 and 2023 has not yet been released, the statistics are likely to be higher than those for 2021, which showed that there is still a wide gap between the registered BVN and the number of bank accounts.
