BVN issued to bank customers hit 30m – NIBSS

The Nigeria Inter Bank Settlement System Plc (NIBSS) said over 30 million bank customers have been issued Bank Verification Number (BVN) as at August 13,2017.

So far, NIBBS has issued 58 per cent BVN cards to 51.7 million total BVN accounts holders that have enrolled.

NIBSS said total BVN accounts enrollment in January was at 50.9 million and 51.7 million in February.

Industry observers said the figure of issued BVN is expected grew as a result of the recent extension of Other Financial Institutions (OFIs) registration by the Central Bank of Nigeria (CBN).

CBN in a statement announced an extension in the deadline for the verification, which was initially set for July 31, 2017.

According to the statement signed by CBN’s Director of Other Financial Institutions Supervision Department, Tokunbo Martins, the apex bank extended the deadline after appeals from various bodies.

In March, Minister of Finance, Kemi Adeosun, had written to the CBN Governor, Godwin Emefiele, requesting that the BVN registration exercise be extended to micro finance banks to identify and investigate cases of fraud.

She explained that extending the requirement for BVN to microfinance banks may put a huge financial strain on the smaller micro finance banks; but noted that some such as National Police Force Microfinance (NPF), have over 27,000 salary accounts.

“We know that extending the requirement for BVN to microfinance banks may put a huge financial strain on the smaller micro finance banks; but some of them, such as National Police Force micro finance (NPF), have over 27,000 salary accounts.

“Our inability to perform checks on such a large number of salary earners is a key risk,” she added.

Motolani Oseni