The number of Nigerians enrolled in the Bank Verification Number system has surged by 38 percent over the past five years, reaching 63.1 million as of September 2024.
This increase reflects the growing importance of the BVN system in enhancing financial inclusion and security within the banking sector.
This is contained in data from the Nigeria Inter-Bank Settlement System, according to The Punch.
The BVN enrolment stood at 45.8 million in 2020.
An analysis of NIBSS data revealed that BVN enrollment reached 60.1 million as of July 2023, up from 56 million in 2022 and 51.9 million in 2021.
The BVN is an 11-digit unique identity for each individual across the Nigerian banking industry.
This trend reflects a positive shift towards greater access to financial services, enhancing security and convenience for users throughout the country.
