Only 1.35 million BVN registrations recorded in 2024, total figure now 64.8 million
- 2024 recorded a slow growth in Bank Verification Number (BVN) verifications, as only 1.35 million registrations were done
- NIBSS says that total BVN registrations in Nigeria now stand at 64.83 million, even though there are over 231 million active bank accounts
- The Central Bank of Nigeria (CBN) continues to drive for an increase in BVN registrations with the launch of digital platforms
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Only 1.35 million Nigerians registered for the Bank Verification number in 2024, increasing total registrations from 63.47 million in January 2024 to 64.83 million in January 2025.
This is according to the data released by the Nigeria Inter-Bank Settlement System (NIBSS).
NIBSS says that even though there were 231.1 million active bank accounts in Nigeria as at July 2024, the BVN registrations are still yet to hit 65 million, according to a report from the CABLE.
The BVN is a unique 11-digit identification number that an individual requires to own and operate an active bank account in Nigeria.
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Data from NIBSS revealed that BVN registrations reached 51.9 million in 2021. This figure rose by 7.9% in 2022 to 56 million. The upward trend continued in 2023, hitting 60.1 million, a 7.3% growth over the previous year.
In 2024, BVN registrations reached 63.5 million, spurred by heightened public awareness campaigns and mandatory BVN integration into financial services and government programs.
By January 2025, the total registrations have now hit 64.8 million.
CBN launches BVN platform for diasporans
In Q4, 2024, the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso announced that the apex bank would launch a BVN platform for Nigerians in Diaspora.
The platform, launched in December 2024, would help diasporans resolve BVN issues, operate their Nigerian bank accounts, and resolve Know-your-customer (KYC) issues that they may have with any financial institution worldwide.
Nigerians in the diaspora have struggled with their BVN registration for years due to the inability to register for the identifier physically in any Nigerian bank.
The platform would resolve this issue, thus preventing their bank accounts from going dormant.
CBN launches NRN accounts for Diasporans
On January 10, the Central Bank of Nigeria (CBN) launched two new account types tailored for Nigerians living abroad: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
The NRNOA is designed to allow Nigerians in the diaspora to send their foreign earnings back home seamlessly while offering the flexibility to manage their funds in both foreign and local currencies.
Recall that the National Pension Commission (PenCom) issued a directive mandating the inclusion of Bank Verification Numbers (BVN) for all Retirement Savings Account (RSA) registrations and data recapture processes.
This directive takes effect on February 1, 2025, and Nigerians with BVN will now be excluded from the service.
BVN registration increase after CBN order
Legit.ng had earlier reported an increase in BVN registrations, following an order from the Central Bank of Nigeria.
The order mandated that all banks freeze accounts that did not have BVN registered to them. BVN was declared a requirement for all kinds of accounts and wallets with financial institutions and money providers.
Despite this increase, the number of BVN registrations is yet to match the number of active accounts in Nigeria.
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Source: Legit.ng
