A total number of 2.76 million Bank Verification Numbers (BVNs) were generated between the end of December 2024 and July this year, findings by New Telegraph has shown.

According to latest data released by the Nigeria Interbank Settlement System (NIBSS), total BVN enrollment, which stood at 63.47 million at the end of 2024, increased to 66.23 million in July this year. This means that 2.76 million BVN enrolments were recorded during that period.

The BVN scheme was launched on February 14, 2014 by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, NIBSS and the German firm, Dermalog, with the aim of capturing biometrics of all bank customers and giving each bank customer a unique 11-digit identity number (BVN) that can be verified across the Nigerian banking industry.

The then Governor of the CBN, Lamido Sanusi, had said at the event that the BVN scheme would enable the apex bank to significantly reduce incidents of fraud and money laundering in the banking industry and also help accelerate financial inclusion by opening up opportunities for credit to millions of Nigerians who do not have a standard means of identification. In October 2017, the CBN released a regulatory framework for BVN operations and Watch-list for the financial system.

It stated that the Watchlist comprises a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities in the Nigerian banking industry. An analysis of the latest NIBSS data shows that BVN enrollment rose from 51.90 million in 2021 to 56.90 million in 2022, 60.12 million in 2023 and 63.48 million in 2024.

Further analysis of the data indicates that there was a significant increase in BVN enrollment in the first four months of 2024, in the wake of the circular which the CBN issued to deposit money banks (DMBs) Non-interest banks, Payment Service Banks, other financial institutions and mobile operators, on December 1, 2023, directing that all funded bank accounts or wallets, without BVN or National Identification Number (NIN) should be placed on “Post No Debit or Credit,” by April 1, 2024.

Specifically, the regulator directed that, for all existing Tier 1 accounts/ wallets without BVN or NIN, any unfunded account or wallet, should be immediately placed on Post No Debit or Credit until a BVN or NIN is provided by the owners

. It also stated that with effect from March 1, 2024, all funded Tier 1 accounts/ wallets without BVN or NIN, should be placed on Post No Debit or Credit and that no further transactions should be permitted through such accounts/wallets.

In addition, the regulator directed that the BVN or NIN attached to or associated with all accounts/ wallets must be electronically validated by January 31, 2024, stating that “effective April 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit,’ and no further transactions permitted.”

New Telegraph reports that in May this year, the CBN in collaboration with NIBSS launched the Non-Resident Bank Verification Number (NRBVN) platform, which is aimed at simplifying the process for Nigerians living abroad to obtain their BVN remotely by removing the need for in-person verification in Nigeria.

In his speech at the event, CBN Governor, Mr. Olayemi Cardoso, described the NRBVN platform as an essential tool to bridge the gap between Nigeria and its global citizens. He stressed that the platform would ease the challenges faced by Nigerians in the diaspora, particularly the requirement to physically appear in Nigeria for BVN registration.