Number of bank accounts without BVN rises to 46 million

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Reports from the Nigerian Inter-Bank Settlement System (NIBSS) have shown that about 46 million accounts have not been linked to the Biometric Verification Number (BVN).

Figures from the NIBSS shows that there has been an increase in the total number of bank accounts from 85 million in December 2015 to 95 million in 2016.

There has been an increase also in the total number of accounts that have been linked to BVN,  from 28 million in December 2015 to 49 million in November 2016.

BVN registration recorded a sharp increase between July and August when the figures increased from 36.79 million to 46.39 million.

A total of about 10 million new accounts were opened in 2016, while 20.84 million new BVN have been linked to accounts from January to November 2016.

According to a report from TheCabble, the exercise which started in February 2014, is expected to curb fraud and theft. The deadline for the registration was fixed for June 30 at first and then extended to October 31, 2015.

At that time, the deadline for Nigerians in the diaspora was fixed for January 31, 2016, but after several complaints by customers, CBN directed banks to continue the exercise regardless of the October 31 deadline.

“The CBN hereby wishes to reiterate that: The BVN enrollment is a continuous process,” the bank said.

“Although the time frame given for the initial enrollment had lapsed; customers who are yet to register are required to do so in order to avoid restrictions on their accounts.

“All banks have been directed to ensure uninterrupted enrollment of customers on the BVN platform. Account holders who are yet to obtain their BVN are enjoined to visit their banks and do the registration.”

 

Posted by Juliet Ekwebelam

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