BVN Enrolments Now 64.8 million – NIBSS

Enrollments for the Bank Verification Number (BVN) by bank account owners in the country increased to 64.8 million in January, according to the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).

Previous data released by the organization showed that the enrollment database stood at 64 million in November last year.

This indicates that about 800,000 account owners have registered for the BVN between December last year and January this year.

Meanwhile, the number of active bank accounts in the country shows that there is still a very wide gap between the number of accounts and the number of BVN, which is now a compulsory requirement for opening an account.

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.

Going by the current number of BVNs, there is still a wide gap between the number of accounts and the registered BVNs.

However, industry analysts believe that the difference may not be much given that multiple accounts can be linked to a single BVN.

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.