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 Identif...
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