On March 15, 2024, the number of people registered for the Bank Verification Number (BVN) climbed to 61.16 million.
The most recent BVN registration data made available by the Nigeria Inter-Bank Settlement System (NIBSS) disclosed this. The BVN database contained 59.9 million records as of January 26, 2024, according to a previous analysis from Nairametrics.
According to this data, 674,280 new BVN registrations were made between the end of January and the middle of March of this year.
The Central Bank of Nigeria (CBN) recently announced that all bank accounts without BVN would be blocked starting in April 2024, which may have led to the spike in registrations for the number, even if it had remained slow during 2023.
The Apex Bank also sent instructions to merchant, commercial, non-interest, and payment service banks in December of last year.
By means of a circular sent to mobile money providers and other financial institutions, it is mandated that the BVN, or National Identification Number, NIN, linked to every account or wallet, be electronically revalidated by January 31, 2024.
BVN vs. bank accounts
The number of active bank accounts as of 2023 has not yet been made public, but according to the most recent data from the NIBSS, there were 151 million active bank accounts in the nation in 2022—a 13% increase from the 133.5 million accounts that were reported in 2021.
The number of BVN registrations at the end of the same year was 56 million, indicating a significant discrepancy between the quantity of accounts and BVN owners.
Industry observers, however, think that there might not be much of a difference because a single BVN can be connected to several accounts.
BVN vs. bank accounts
The number of active bank accounts as of 2023 has not yet been made public, but according to the most recent data from the NIBSS, there were 151 million active bank accounts in the nation in 2022—a 13% increase from the 133.5 million accounts that were reported in 2021.
The number of BVN registrations at the end of the same year was 56 million, indicating a significant discrepancy between the quantity of accounts and BVN owners.
Industry observers, however, think that there might not be much of a difference because a single BVN can be connected to several accounts.
Five percent (3 million) of banked adults in Nigeria do not own a BVN or NIN, according to the Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report.
CBN's deadline is April 2024.
The CBN declared in December of last year that starting in April of 2024, accounts without a BVN and National Identity Number (NIN) would be frozen.
The central bank directed banks to implement a "Post no Debit" restriction in a circular, prohibiting any kind of withdrawal, transfer, or other debit on behalf of clients "for all existing Tier-1 accounts/wallets without BVN or NIN."
The phrase "post no debit" refers to a limitation put in place by banks on particular accounts, prohibiting users from withdrawing money, transfers or any other kind of account debit.
This action essentially freezes the account's funds, making them unavailable while the restriction is in place.
"Any underfunded account or wallet will be put on 'Post No Debit or Credit' with immediate effect until the new procedure is completed. Part of the circular from the CBN Director of Payments System Management Department Chibuzo Efobi and the Director of Financial Policy and Regulation Department Haruna Mustapha stated, "Effective March 1, 2024, all funded accounts or wallets shall be placed on 'Post No Debit or Credit' and no further transactions permitted."
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