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700,000 bank accounts linked to BVN in three months

THE Nigeria Inter-Bank Settlement System (NIBSS) has announced that commercial banks recorded 700,000 bank accounts linked with the Biometric Verification Number (BVN) in three months of 2022.

According to NIBSS, the total BVN enrolled by bank accounts in the country linked stands at 54.77 million as of July 10, 2022, compared to 54.7 it was as at April 10, 2022.

NIBSS had earlier revealed that BVN linked accounts were at 51.7 million as of December 26, 2021, with the BVN enrollment database growing by six million in 2021.

Meanwhile, NIBSS said Nigeria currently has133.5 million active bank accounts as of December 2021.

This indicates that 78.73 million bank customers have not registered their BVN with any of the country’s 22 banks.

While many accounts may be linked to a single BVN, industry observers say there is still a gap that must be addressed between bank accounts and BVN registrations.

The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, NIBSS, launched the BVN project on February 14, 2014, intending to capture the biometrics of all bank customers and give them a unique identity that can be verified across the Nigerian banking industry.

The project was also aimed at deepening financial inclusion in the country.

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