EMEFIELE SAID " ONLY 57.4M NIGERIAN HAVE BVN. CBN REPORTS


 

Nigerians have Bank Verification Number (BVN).

The CBN in collaboration with Nigerian Interbank Settlement System (NIBSS), bankers committee and all Nigerian deposit money banks launched the BVN project in February 2014


The BVN was introduced to uniquely identify customers of Nigerian banks, reduce fraud and improve the efficiency of banking operations in the country.


Since its introduction, the BVN has become an important requirement for opening and maintaining bank accounts in Nigeria.


Central Bank of Nigeria (CBN) Governor, Godwin Emefiele made this disclosure in Calabar at the 34th seminar for Finance Correspondents and Business Editors



Emefiele, who was represented by the Director Monetary Policy Department of the CBN, Dr Hassan Mahmoud, said: “With a total enrollment of 57,431,355 as at 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”.


Emefiele, who was represented by the Director Monetary Policy Department of the CBN, Dr Hassan Mahmoud, said: “With a total enrollment of 57,431,355 as at 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”.


Emefiele stated that BVN has continued to feature in the bank’s Know Your Customer (KYC) requirements as part of plans to ease the constraint associated with poor identification of banking customers”.


The CBN, he said, will “continued to support the aggressive enrollment of prospective banking customers in the informal sector onto the BVN system”.


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