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BVN-Linked Accounts Now 41.82 million Out of the Over 99 million Adults in Nigeria

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BVN-Linked accounts has now reached 41.82 million out of the over 99 million adults population in Nigeria.

Number of accounts with bank verification number (BVN) has surged to 41.82 million persons out of the 99,958,261 million adults in Nigeria as at 2020.

According to a report from the Nigeria Interbank Settlement System (NBISS), active bank accounts linked to Bank Verification Number (BVN) in Nigeria as at last month stood at 41.82 million. 

The current surge in the number of persons opening new bank accounts and applying for BVN was attributed to the increase in the numwber of persons looking to own a bank account after the lockdown was partially lifted. 

Read Also: Blockchain Will Help Nigeria to Achieve Financial Inclusion Through Mobile Money Services.

The number of bank customers enrolling for BVN increased due to the increase in the number persons looking to,

  • Open new bank accounts.
  • Activate their Automated Teller Machine (ATM) cards and
  • Launch complaints about failed transactions, among others.

Nigeria have achieved up to 40% in the new BVN data collection needed to achieve financial inclusion in Nigeria. 

Though the current BVN data is not up to 50% of the Central Bank of Nigeria’s (CBN’s) target of 100 million customers for the next five years. 

There was an improvement from about 36 million captured in the last one year to 41.82 million in 2020.

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