The Central Bank of Nigeria has declared that over 40 million accounts have been enrolled in the Bank Verification Number (BVN) registration exercise. The BVN registration exercise ended on 31st October, 2015.
According to the CBN, statistics by the Nigerian Inter-Bank Settlement System Plc (NIBSS) showed that, “20,833,635 accounts were enrolled as at October 25, 2015. Given the tradition of multiple accounts held by an average Nigerian, which could be conservatively estimated at about two or three accounts per holder, it could be safely assumed that over 40 million accounts might have enrolled to BVN.”
Although a large number of customers have keyed into the initiative, the process is not concluded if accounts holders do not link all their account numbers to their BVN.
The CBN explained, “It is evident that there has been less pressure in banking halls across the country which goes to buttress the fact that a greater percentage of account holders have been enrolled with the exception of those yet to link their accounts to their BVN.”