Over the previous five years, the number of Nigerians enrolled in the Bank Verification Number (BVN) system has increased by 38%, with 63.1 million registered as of September 2024. Data from the Nigeria Inter-Bank Settlement System (NIBSS) contains this information.
In 2020, there were 45.8 million BVN enrollees. BVN enrolment as of July 2023 was 60.1 million, according to an examination of NIBSS data; this is in contrast to 56 million in 2022 and 51.9 million in 2021.
The BVN is an 11-digit identifier that is particular to each person in the Nigerian banking sector. The increase in BVN registrations is evidence of the effectiveness of programs aimed at financial inclusion as well as the growing nationwide use of digital banking services.
2.47 million Nigerians have registered for BVN in the last six months; as of March 2024, NIBSS data shows that there were 61.16 million BVN holders.
However, with 59.9 million BVNs as of December 2023, it was possible to determine that 674,280 new registrations occurred in just three months, BrandSpur national news stories report.
