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).
