The Nigeria Inter-Bank Settlement System (NIBSS) says enrollments for the bank verification number (BVN) stood at 66.23 million in July – inching up from the 64.83 million recorded in January.
In its latest enrollment data, the NIBSS said the figure represents an increase of 1.4 million or 2.15 percent in six months.
The BVN is an 11-digit number unique to each individual across the banking industry. It is required to own and operate a bank account in Nigeria.
According to the settlement system, the BVN ensures that customers’ bank accounts are protected from unauthorised access.
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The organisation said as at the first quarter (Q1) of 2025, there were 320.05 million active accounts.
This, NIBSS said, shows that a total of 8.4 million new bank accounts were opened or reactivated between January and March this year, as the figure stood at 311.6 million at the end of 2024.
On October 23, 2024, the Central Bank of Nigeria (CBN) said a BVN platform will be launched by December for Nigerians in the diaspora.
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According to Olayemi Cardoso, governor of CBN, the platform would enable Nigerians abroad to operate their local bank accounts, run their businesses and sort out know-your-customer (KYC) issues with financial institutions from anywhere in the world.
On May 13, the CBN, in collaboration with the NIBSS, launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians in the diaspora.
The digital platform allows citizens abroad to obtain their BVN remotely, eliminating the cumbersome process involved in physically obtaining the number at a bank in Nigeria.
In addition, on January 10, the central bank introduced the non-resident Nigerian ordinary account (NRNOA) and non-resident Nigerian investment account (NRNIA) for Nigerians abroad.
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The NRNOA is an account that enables non-resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies.
