Over 60m Nigerians register for BVN ahead of deadline

By Sodiq Adelakun

In a race against time, Nigerian bank customers have been scrambling to register for their Bank Verification Number (BVN) ahead of the Central Bank of Nigeria’s (CBN) impending deadline.

The latest data from the Nigerian Interbank Settlement System (NIBSS) reveals that registration has surged to 60.2 million, representing a significant increase of 2.6 percent from the previous figure of 58.7 million as of September 12, 2023.

The CBN had issued a circular on December 1, 2023, instructing commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators to electronically revalidate the BVN or National Identification Number (NIN) attached to all accounts and wallets by January 31, 2024.

Failure to comply with the directive would result in accounts or wallets without a BVN or NIN being placed on ‘Post No Debit or Credit’ status, effectively prohibiting any further transactions from taking place starting March 1, 2024.

According to the NIBSS electronic payment factsheet for 2021, Nigeria currently has a total of 191.4 million bank accounts, out of which a staggering 57.9 million are inactive. This highlights the urgent need for customers to update their BVN or NIN to ensure uninterrupted access to their accounts.

The Enhancing Financial Innovation and Access (EFInA) survey, titled “Access to Financial Services in Nigeria 2023,” further reveals that approximately 3 million banked adults, accounting for 5 percent of the total, do not possess a BVN or NIN.

The surge in BVN registrations can be attributed to the growing awareness among Nigerian bank customers about the consequences of non-compliance. With the impending deadline, customers are now realising the importance of securing their financial transactions and safeguarding their accounts.

The BVN system was introduced by the CBN in 2014 as a means to curb fraud, enhance the security of customer accounts, and create a centralised database for all bank customers in Nigeria. It serves as a unique identifier that links all bank accounts to an individual’s biometric data, ensuring transparency and accountability in the banking sector.

As the deadline draws nearer, banks and financial institutions are working tirelessly to assist customers in completing their BVN registration process.

Mobile registration centres have been set up in various locations across the country, making it more convenient for customers to comply with the CBN’s directive.