The volume of Bank Verification Number (BVN) enrollments in the country has risen by 1.33 million or 2.1 per cent 64.8 million this month from 63.47 million at the end of 2024.
The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this yesterday in their latest BVN data.
The data also showed that the BVN enrollment rose in 2024 by 3.362 million or 5.6 per cent from 60.115 million at the end of 2023.
However, according to the NIBSS latest data on the number of active bank accounts, there exists a gap between the number of accounts and the number of BVN, which is a compulsory requirement for opening an account.
The data showed the number of active bank accounts in Nigeria stood at 231.1 million in July 2024.
According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, 5.0 percent (3 million) of banked adults do not have a BVN or National Identification Number (NIN).
Recall that last year October, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso announced that NIBSS would launch a non-resident BVN platform to enable Nigerians in the diaspora to operate their local bank accounts, run their businesses, and sort out KYC issues with financial institutions from anywhere in the world.
According to Cardoso, the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy without any hassles and diversify their businesses.