Photo caption: Nigeria Inter-Bank Settlement System (NIBSS)
The number of Nigerians enrolled under the Bank Verification Number system has surged by 38 per cent over the past five years, reaching 63.1 million in September 2024.
This is contained in data from the Nigeria Inter-Bank Settlement System.
The BVN enrolment stood at 45.8 million in 2020.
An analysis of the NIBSS data showed that BVN enrolment as of July 2023 was 60.1 million, compared to 56 million in 2022 and 51.9 million in 2021.
The BVN is an 11-digit unique identity for each individual across the Nigerian banking industry.
The surge in BVN registration highlights the success of financial inclusion initiatives and the increasing adoption of digital banking services across the country.
The PUNCH reports that no fewer than 2.47 Nigerians have registered for BVN in the last six months, with NIBSS data indicating the BVN count stood at 61.16 million as of March 2024.
As of December 2023, the BVN count was 59.9 million, revealing that 674,280 new registrations were recorded within three months.
