This indicates that a total of 750,048 account owners have registered for the BVN in the last two months.

As of December 2023, the total registered BVN stood at 60 million, according to NIBSS data. This suggests that the database has grown by 3.4 million so far this year.

The significant increase in registration for the BVN this year could be attributed to the December 2023 directive of the Central Bank of Nigeria (CBN), which ordered all banks to freeze any account not linked with BVN by April 2024.

Part of the directive also required all commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, to mandate the BVN or National Identification Number (NIN) for all accounts and wallets.

Meanwhile, the number of active bank accounts in the country shows that there is still a very wide gap between the number of accounts and the number of BVN, which is now a compulsory requirement for opening an account.

According to the recent banking data released by NIBSS, the number of active bank accounts in Nigeria stood at 231.1 million in July 2024.

Going by the current number of BVNs, there is still a wide gap between the number of accounts and the registered BVNs. However, industry analysts believe that the difference may not be much given that multiple accounts can be linked to a single BVN.

According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, 5% (3 million) of banked adults do not have a BVN or NIN. A BVN is a unique number that allows individual accounts to be verified across the Nigerian banking industry.

The unique ID number is issued to every bank customer at enrolment and linked to every account that the customer has at all Nigerian banks. According to NIBSS, the BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, while it ensures that customers’ bank accounts are protected from unauthorized access.

According to the recent directives from the CBN, every financial account, including that of fintechs, must now be linked with BVN before it can be operational.

The five other non-executive directors include Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Sen. Farouk Bello.

According to a statement from the financial institution on Wednesday, the Central Bank of Nigeria (CBN) constituted a new board of directors for Keystone Bank Limited to strengthen the bank’s operations for sustained business growth.

The two new executive directors appointed by the CBN are Ladi Oluwole and Abubakar Usman Bello.

The new board chair, Lady Ada Chukwudozie, is a leading figure in Nigeria’s corporate world, with nearly 30 years of experience in business strategy, management, and administration.

Her expertise spans multiple industries and institutions, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria (MAN), and Vogue Afrique Magazine.

Abdul-Rahman Esene has over 43 years of experience in banking, investment management, corporate finance, and advisory services. He has made significant contributions to the financial sector in Nigeria and beyond through his accomplishments and leadership roles at renowned global institutions, including Afrinvest, Global Arbitrage International Inc., Fidelity Bank PLC, the Nigeria Air Force, and Louisiana-Pacific Corporation.

Mrs. Fola Akande brings over 25 years of exceptional experience in navigating the complex fields of legal, regulatory compliance, risk management, and corporate governance across various local and international markets, including Cadbury, Stanbic Chartered Bank, and Shell.

Akintola Ayodeji Olusoji has over 30 years of experience in accounting, finance, business development, risk asset creation, and performance monitoring, with a distinguished career spanning financial institutions such as Sterling Bank, Access Bank, Intercontinental Bank, and Global Bank.

Obijiaku Samuel has over 35 years of expertise in financial consulting, banking, and treasury operations. He has significantly impacted Nigeria’s financial sector through his achievements and leadership roles at prominent institutions such as Fidelity Bank Plc, Zenith Bank Plc, and PricewaterhouseCoopers.

Sen. Farouk Bello is a seasoned banker with over 20 years of experience and remarkable financial and banking operations achievements. His leadership roles have spanned both the public and private sectors, including regulatory bodies and private enterprises. With a strong track record, he has successfully shaped and delivered business processes and financial solutions across various institutions, including the National Assembly and Guaranty Trust Bank (now GTCO), among others.

Furthermore, Abubakar Usman Bello, Executive Director of the Northern Directorate, has acquired considerable experience in banking and management, which spans various areas of banking, managing commercial, retail, corporate, and public sector clients. He has served in strategic leadership and management roles.

Ladi Oluwole, Executive Director of Risk Management, brings with him over 20 years of expertise in Enterprise and Credit Risk Management and a proven track record in the financial services industry. Previously, he served as Senior Vice President and Senior Credit Officer at Bank of America, North America, where he managed an extensive credit portfolio within the Corporate, Investment, and Commercial Bank.

Commenting on the appointments, Mr. Hassan Imam, the Managing Director and Chief Executive Officer of the bank, expressed strong confidence in the new appointees, stressing that the bank will benefit from their vast experience.

He said, “We are pleased to welcome the new chairman, non-executive directors, and executive directors to the Board of Keystone Bank. We are confident that their extensive experience will be invaluable to us as we continue to reposition the bank to make the most of emerging economic opportunities, hinged on strong corporate governance, and to provide our customers with a secure and reliable banking experience.”