Current statistics from the Nigeria Inter-Bank Settlement System Plc (NIBSS) show that 20,833,635 bank customers have enrolled for Bank Verification Number (BVN) as at October 25, 2015, the Central Bank of Nigeria has said.
The CBN said in a statement that given the tradition of multiple accounts holding by an average Nigerian, which could be conservatively estimated at about 2 or 3 per an account holder, therefore, it could be safely assumed that over 40 million accounts might have been enrolled to BVN.
“While it can be said that some substantial efforts have been made in terms of enrollment and successes recorded, what is left therefore, is for the remaining account holders to get their accounts linked to BVN.”
The CBN said, if anyone has not enrolled for BVN, it cannot be attributed to lack of facilities, but out of his/her individual volition. By all indications, it can be safely said that the BNV exercise by the Bankers’ Committee in collaboration with the CBN has proved rather successful.
The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, introduced the Bank Verification Number (BVN) on February 14, 2014. This initiative of the Bankers’ Committee is aimed at ensuring unique identity for all bank customers and other users of financial services in the country by the use of the customers’ biometrics as means of identification.