The Nigeria Inter-Bank Settlement System (NIBSS) has said that the number of Banks Verification Number (BVN) enrollments is currently standing at 64.009 million.
The milestone, industry analysts note, reflects NIBSS’s role in Nigeria’s digital transformation and financial system modernization, reducing fraud risks and fostering a more inclusive financial ecosystem.
With continued efforts, Nigeria is on a strong trajectory toward achieving universal financial inclusion. With the increasing incidents of compromise on conventional security systems (password and PIN), the BVN was introduced by the Central Bank of Nigeria (CBN) to combat security vulnerabilities in conventional banking systems.
Furthermore, the BVN leverages biometric data to provide a robust and unique identification for bank customers.
Between April 2024 and July 2024 alone, the number of BVN-registered accounts grew from 61.47 million to 62.7 million, representing an increase of 854,267 in just three months.
Similarly, a look at the NIBSS’s website showed that the figure now stands at 64.009 million. This upward trend, coupled with the surge so far in November, signifies a growth of more than 4.5 million new verified BVN holders during the year.
