Registration for the Bank Verification Number (BVN) increased to 60.2 million as of January 10, 2024.
This is according to the latest BVN registration data released by the Nigeria Inter-Bank Settlement System (NIBSS).
This indicates an increase compared to the 59.9 million recorded as at December 18, 2023 and shows that at least 300,000 new registrations for BVN were recorded between late December and early January.
The CBN had issued a directive that al bank account numbers without BVN will cease to function by April 2024. The CBN also directed deposit money, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, to revalidate the BVN or National Identification Number (NIN) attached to all accounts/wallets electronically by January 31, 2024.