Ahead of the April 2024 deadline by the Central Bank of Nigeria, the registration for Bank Verification Number, BVN, increased to 61.16 million on March 15, 2024.
The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its latest BVN database.
The figure represents an increase from the 59.9 million recorded on January 26, 2024.
Accordingly, this shows that 674,280 new registrations for BVN were recorded between late January and mid-March this year.
Recall that in December last year, the apex bank also directed commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators through a circular that the BVN or National Identification Number, NIN, attached to all accounts/wallets must be electronically revalidated by January 31, 2024.
The apex had ordered banks to freeze Tier-1 accounts without a BVN or National Identification Number, NIN, from April 2024.