As the deadline set by the Central Bank of Nigeria (CBN) for the registration of Bank Verification Numbers (BVN) approaches, the number of registrations has surged to 61.16 million as of March 15, 2024.This represents an increase of 674,280 new registrations since late January.
The Nigeria Inter-Bank Settlement System (NIBSS) released the latest BVN registration data, showing the significant uptick in registrations in recent months.
The slow pace of BVN registration in 2023 has now been overshadowed by the impending deadline set by the CBN, which will see all bank accounts without BVN frozen from April 2024.
In response to the CBN’s directive, commercial banks, merchant banks, non-interest banks, payment service banks, other financial institutions, and mobile money operators were required to revalidate the BVN or National Identification Number (NIN) attached to all accounts/wallets by January 31, 2024.
Failure to comply with this directive could result in the freezing of the affected accounts.
The increase in BVN registrations in recent months suggests that individuals are now taking the deadline more seriously and ensuring that their accounts are compliant with the CBN’s regulations. With just a few weeks left until the deadline, those who have not yet registered for a BVN are urged to do so promptly to avoid any disruptions to their banking services.
