In response to the Central Bank of Nigeria’s (CBN) impending deadline to halt accounts not linked to the Bank Verification Number (BVN), 291,232 bank customers have registered for BVN in the last two weeks, bringing the total to 60.49 million, as reported by the Nigeria Inter-Bank Settlement System (NIBSS).
The surge in registrations follows the CBN’s directive to financial institutions, including commercial, merchant, non-interest, payment service banks, and mobile money operators, to ensure that BVN or National Identification Number (NIN) is electronically revalidated by January 31. The CBN has imposed a ‘post no debit’ restriction, preventing withdrawals, transfers, or other debits without BVN or NIN.
NIBSS highlighted that as of December 2021, active bank accounts in Nigeria totaled 133.5 million. While data for 2022 and 2023 is pending release, the figures are expected to surpass those of 2021, indicating a notable gap between registered BVNs and the number of active bank accounts.
The rush to comply with BVN registration is expected to persist as the April 2024 deadline approaches, reinforcing the importance of aligning with the CBN’s regulatory measures to enhance the security and integrity of the banking system.
