With only twenty-one days remaining until the Central Bank of Nigeria’s deadline for all bank customers to obtain their Bank Verification Number (BVN), recent data from the Nigerian Interbank Settlement System (NIBSS) reveals that over 60.2 million Nigerians now possess a BVN, marking a 2.6 percent increase from the 58.7 million BVNs registered as of September 12, 2023.
This surge in BVN registrations aligns with the CBN’s directive issued on December 1, 2023, mandating the electronic revalidation of BVN or National Identification Number (NIN) attached to accounts/wallets by January 31, 2024. Failure to comply by March 1, 2024, will result in ‘Post No Debit or Credit’ status for funded accounts or wallets lacking BVN or NIN, prohibiting further transactions.
Notably, the country’s total bank accounts, as per the NIBSS electronic payment factsheet for 2021, numbered 191.4 million, with 57.9 million classified as inactive. Meanwhile, the Enhancing Financial Innovation and Access (EFInA) survey report for 2023 indicates that 3 million banked adults, constituting 5 percent, are without a BVN or NIN. This overall increase in BVN registrations underscores the proactive response of bank customers in meeting the CBN’s impending deadline.
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