The Nigeria Inter-Bank Settlement System, have revealed that banks in Nigeria registered 4.8 million new Bank Verification Numbers in 2022.
According to Nairametrics, this increased the nation’s total number of BVNs that were registered to 56.5 million. The size of the BVN database was 51.7 million as of December 2021.
The BVN database’s growth slowed down in 2022 compared to 2021, when it had grown by 6 million from 45.7 million in December 2020 to 51.7 million.
The number of active bank accounts in the nation as of December 2021 was 133.5 million, according to the NIBSS. Although data for 2022 has not yet been made public, it is anticipated that the number will be larger than it was the year before, demonstrating that there is still a sizable disparity between the number of registered BVNs and bank accounts.
Industry observers say that the difference might not be significant given that several accounts can be connected to a single BVN.