Total number people enrolled in the Bank Verification number (BVN) system by bank account across the country has increased to 64.8 million, according to data released by Nigeria Inter-Bank Settlement System (NIBSS)
The number number showed additional 800000 account owners enrolled in the month January against 64.00 million reported in the month of November.
According to the recent banking data released by NIBSS, the number of active bank accounts in Nigeria stood at 231.1 million in July 2024.
The current number of BVNs has shown that there is still a wide gap between the number of accounts operating by banks customers and the registered BVNs.
Financial operators attributed the disparity in the bank accounts and BVN to multiple account by banks customers.
They explained that a customer with five accounts in different banks can link those accounts to a single BVN without difficulty.
According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, 5% (3 million) of banked adults do not have a BVN or NIN.