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Over 40 Million BVNs Were Registered

Justin Anumiri

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The Central Bank of Nigeria (CBN) has lauded the turn up of the customers of various Nigeria banks during the recently concluded registration into the Bank Verification Number (BVN) exercise.

The Nigerian apex bank disclosed that more than 40 million customers of the Nigeria banks have their accounts registered into the BVN. The statistics by Nigeria Inter-Bank settlement System Plc (NISS) as revealed by CBN showed that 20,833,635 bank customers registered their accounts as at 25th October, 2015. Given that many Nigerian bank customers normally have multiple accounts with some having up to three or more accounts, the apex bank extrapolated that over 40 million accounts might have been registered during the BVN registration exercise.

It’s worth noting that the BVN registration exercise carried out nationwide has come to an end on 30th October which was the last Friday of the month of October. The initial deadline was extended to the end of October after a massive outcry of a large number of Nigerian bank customers who were not able to register their accounts before the initial deadline.

Few days ago, CBN insisted that there would be no further extension of the deadline. CBN was happy with the turn up of the customers of Nigerian banks during the exercise. The apex bank believed that the majority of account holders with different Nigerian banks have enrolled into BVN owing to the fact that the banking halls across the country were not crowded during the registration period.

However, the Apex bank advised bank customers to ensure that all their accounts are linked to their BVN. According to the CBN, “the process is duly concluded only when all accounts owned by a bank customer are linked to his or her BVN.”

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