Over 57 million Nigerians will have Bank Verification Numbers (BVNs), according to the Central Bank of Nigeria (CBN), as of March 2023.
In his speech on Tuesday at the 34th Seminar for Finance Correspondents and Business Editors in Calabar, CBN Governor Godwin Emefiele revealed this.
By eliminating the restrictions connected with inadequate client identification, BVN, in Emefiele’s opinion, had continued to favorably strengthen Nigeria’s banking system.
He emphasized that the effort has given Nigerians more access to financing.
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The head of the central bank continued by saying that BVN has also assisted the sector’s investigation of fraud and other related offences.
“With a total enrollment of 57,431,355 as of 31st March 2023, the BVN is supporting the development of credit profiles for banking customers, which will assist in improving access to credit for credit-worthy borrowers by banks,” he stated.
The CBN initiated the BVN programme on February 14, 2014, working with other stakeholders to identify all bank clients.
Meanwhile, the population of Nigeria is thought to number over 200 million as of the most recent United Nations statistics.
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