BVN registrations reach 57 million as CBN closure of unlinked bank accounts spurs rush

Nigeria’s Bank Verification Number (BVN) database has hit 57 million as of April 9, 2023, according to new data from the Nigeria Inter-Bank Settlement System (NIBSS).

However, BVN registration slowed since the beginning of 2023, with only 500,000 new enrolments, compared to the 400,000 monthly average in 2022. Meanwhile, active bank accounts in the country stood at 133.5 million in December 2021.

With the Central Bank of Nigeria (CBN) announcing it will close bank accounts not linked to BVN, the move has spurred a massive rush for new registrations, according to reports. Banks expect the closure to reduce financial fraud and encourage people to update their bank records.