As many as 2.47 Nigerians have registered for a financial institution verification quantity within the final six months, information from the Nigeria Inter-Financial institution Settlement System exhibits.
The newest figures, launched by NIBSS on Saturday, indicated that the BVN depend stood at 61.16 million as of March 2024.
Evaluating this to the BVN depend reported in December 2023, which stood at 59.9 million, confirmed that 674,280 new registrations had been registered inside three months.
September 2023 information confirmed that the variety of registered BVNs was 58.7 million, indicating that NIBSS recorded 2,466,384 new BVN registrations from September to March.
The rise in BVN registrations underlines the rising significance of economic inclusion and regulatory compliance within the Nigerian banking sector.
On February 14, 2014, the Central Financial institution of Nigeria launched the BVN to guard banking prospects, fight fraud and strengthen the resilience of the Nigerian banking system.
In December, the CBN introduced that it could freeze accounts with a BVN, the Nationwide Identification Quantity (NIN), from April this 12 months.
It additionally mandated that every one BVNs or NINs related to accounts or wallets be revalidated electronically by January 31, 2024.
Because the issuance of this directive by the apex financial institution, deposit cash banks have been actively utilizing their communication platforms to induce prospects to replace their NIN and BVN particulars.
In a round, the apex financial institution has directed lenders to impose a 'Publish no Debit' restriction – which prevents prospects from making withdrawals, transfers or different fees 'for all present Tier-1 accounts/wallets with out BVN or NIN'.
'Publish No Debit' is a time period used to explain a restriction imposed by banks on particular accounts, which prevents prospects from making money withdrawals, transfers or different debits from such accounts.
“Efficient instantly, any unfunded account/pockets might be positioned on 'Publish No Debit or Credit score' till the brand new course of is met. Efficient March 1, 2024, all funded accounts or wallets might be positioned on 'Publish No Debit or Credit score' and no additional transactions might be permitted,” the report stated.
