Emmanuel OchayiThe latest data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed a surge in Bank Verification Number (BVN) registrations, reaching 59.9 million as of December 18, 2023.
This spike of over one million new BVNs in the last three months was catalyzed by the Central Bank of Nigeria’s (CBN) warning that accounts without BVN risk being frozen as from April 2024.
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“Amidst the looming deadline, the spike in BVN registrations reflects a rush to comply with the impending CBN directive,” stated an official at NIBSS.
The BVN database’s growth, though sluggish this year, marks an increase of 3.4 million since the beginning of 2023. Yet, there remains a noticeable gap between registered BVNs and active bank accounts, which stood at 133.5 million as of December 2021.
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However, industry analysts caution that this gap might not accurately depict individual accounts, as multiple accounts can be linked to a single BVN, leading to potential overestimation.
“BVN serves as a unique identifier safeguarding bank accounts against unauthorized access,” emphasized NIBSS, highlighting the BVN’s critical role in verifying identities within Nigeria’s banking sector.
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The deadline set by the CBN threatens accounts lacking BVN or National Identification Numbers (NIN) with freezes starting April 2024. The circular by the CBN underscores the urgency for customers to link their accounts with BVN or NIN by January 31, 2024, to avoid disruptions in account access.
As the clock ticks closer to the deadline, banks and customers are gearing up for the mandatory BVN and NIN linkage, anticipating the implications of non-compliance with the directive.
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