Nigerians Rush to Update BVNs as CBN Deadline to Make Changes in Bank Accounts Nears
- BVN registration witnessed an uptick since the announcement by CBN that it will freeze accounts without BVN or NIN
- In the last month, the number of registered BVN has risen to 59.9 million as Nigerians rush to update their bank accounts
- Active bank accounts as of 2021 stood at 133.5 million, data from NIBSS says as the drive for financial inclusion continues
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Nigerians are rushing to update their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) as the deadline given by the Central Bank of Nigeria (CBN) to banks to block accounts draws close.
As of the last count, registration for BVN increased to 59.9 million as of December 18, 2023.
Source: UGC
The race to up BVN and NIN hots up
The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its latest BVN registration data.
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While registration has been slow since the beginning of this year, the recent CBN announcement caused an uptick in the number of Nigerians turning up at their banks to register.
The apex bank gave April 2024 as the deadline for Nigerians to add BVN and NIN to their bank or have them frozen.
In September, NIBSS data showed that registered BVN numbers stood at 58.7 million.
The latest figure of 59.9 million shows that the banks have registered over one million new BVNs in three months.
BVN database swells up by over one million as CBN's deadline nears
According to a Punch report, the NIBSS database has added an additional 3.4 million BVNs since the CBN announcement.
NIBBS says that active bank accounts in Nigeria as of December 2021 stood at 133.5 million, while data for 2022 and 2023 has yet to be released.
The CBN had announced in early December that it would freeze accounts without BVNs and National Identification Number (NIN) from April 2023.
The bank stated this in a circular, instructing banks to place a post-no debit on bank accounts without BVN and NIN, restricting them from making transfers, withdrawals, or any debit for all existing Tier-1 accounts and wallets without BVN or NIN.
CBN said:
“Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted.
Nigerians react as CBN introduces changes to savings, current accounts
Legit.ng reported that Nigerians on social media have expressed mixed feelings about the directives by the Central Bank of Nigeria (CBN) mandating bank account holders to link their accounts to Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) for all bank transactions beginning March next year.
The apex bank, in a circular signed by its director of Payment System Management Department, Chibuzo Efomi, and the director of Financial Policy and Regulation Department, outlined the implementation of the new policy.
The CBN directed banks that, effective immediately, new Tier 1 accounts or wallets can only be opened with BVN or NIN.
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Source: Legit.ng
