The Bank Verification Number (BVN) registration has increased to 59.9 million as of December 18, 2023, according to the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The registration process has been slow this year, but the recent announcement by the Central Bank of Nigeria (CBN) that all bank accounts without BVN will be frozen in April 2024 has prompted more people to register.
The previous data released by NIBSS in September showed that there were 58.7 million registered BVNs as of September 12, 2023.
This means that over 1 million new BVNs have been registered in the last 3 months.
The BVN database has been steadily growing since the beginning of this year, although at a slow pace. By the end of 2022, the BVN database had reached 56.5 million, with a total of 4.8 million new registrations recorded throughout the year.
A Bank Verification Number (BVN) is a special number that is used to verify individual accounts within the Nigerian banking industry.
This unique identification number is assigned to every bank customer during enrollment and is linked to all of their accounts across all Nigerian banks.
According to the Nigerian Interbank Settlement System (NIBSS), the BVN provides bank account owners with a distinct identity that can be verified throughout the Nigerian banking industry. Additionally, it ensures that customers’ bank accounts are safeguarded against unauthorized access.
The CBN said earlier this month that accounts lacking a BVN and National Identification Number (NIN) would be frozen beginning in April 2024.
The central bank urged banks to impose a “Post no Debit” restriction, which stops clients from making withdrawals, transfers, or other debits “for all existing Tier-1 accounts/wallets without BVN or NIN.”
“Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted,” the circular by the CBN Director of Payments System Management Department, Chibuzo Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustapha, read in part.
It further said that by January 31, 2024, any BVN or NIN tied to accounts/wallets must be electronically revalidated.
