BVN: Over 29.4m captured, 51.7million accounts linked

…. excluded customers get opportunity for fresh registration
As at June 18, 2017, the total number of Bank Verification Numbers (BVN) enrolments recorded in the Deposit Money Banks (DMBs) operating in country, has hit a total number of 29.4 million people.

The exercise, is, however set to boost financial inclusion, by allowing customers of Microfinance Banks (MfBs) register for BVN in commercial bank for free.

However, the total number of 97.57 million bank accounts in the country, including corporate and individual savings, currents and other forms of accounts, only 51.7 million bank accounts, both savings and currents, as well as, other forms of accounts have been linked with the BVNs.

This means 45.87 million bank accounts, residing with commercial banks are unlinked; and, as such, are currently dormant.

As at last December, banks had linked 49.9 million and this jumped to 50 million in last January.

This latest BVN figure was, as at June 18, 2017, as released by the Nigerian Interbank Settlements System (NIBSS) and it also shows that the number of linked bank accounts had hit 51.7 million.

With BVN, a unique identity number (ID) number is issued to every bank customer at enrolment and linked to every account that the customer has in all Nigerian banks.

Individuals are required to submit an acceptable means of identification as prescribed for enrolment, but with the latest figure, analysts say Nigeria is making inroads in its bid to ensure effective identification of banking customers in the country.

It would be recalled that bank users’ turnout for registration for and activation of BVN had witnessed appreciable growth in 2016 up till last December.

According to NIBSS report, over 20.84 million new BVNs have been successfully linked to accounts between January and December, 2016, raising the number from a total 28.3 million linked accounts from December 2015 to the current figure.

Breakdown of the figure further showed that 8.49 million BVN were activated in the first seven months of this year, and 12.34 million linked in four last months, that is, between August and September.

In 2015, the number BVN-linked bank accounts in January, February and March, stood at 2.24 million; 2.71 million and 3.34 million respectively.

The figure increased to 7.71 million; 9.2 million and 12.49 million in April, May and June in that order, while in July, the figure rose to 12.73 million; 13.74 million August and in September, the figures stood at 14.58 million.

By October, November and December, the number of accounts linked to BNV had increased to 16.47 million; 21.2 million and 28.3 million respectively.

The impressive growth in BVN-linked bank accounts continued to gain traction in 2016, as the figure rose to 30.13 million; 31.11 million and 32.19 million in January, February and March.

Also in April, May and June, it stood at 33.63 million; 35.44 million and 36.12 million, while the months of July, August, September, October and November were 36.79 million; 36.39 million; 47.14 million; 48.14 million and 49.14 million respectively. In December, the figure stood at 51 million.

“The purpose of the project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer’s identity at point of transactions,” said Executive Director, Technology and Operations at NIBSS, Mr. Niyi Ajao.

He said the BVN exercise will also provide a uniform industrially accepted unique identity for bank customers, to authenticate transactions without the use of cards using only biometric features and Personal Identity Number (PIN) identification of blacklisted customers.