CBN mulls 100m BVN-linked accounts in five years

By Collins Nweze

The Central Bank of Nigeria (CBN) has pledged to increase the figures of bank customers enrolled on the Bank Verification Number (BVN) system from over 40 million to 100 million in the next five years.

According to the CBN Update released recently, the apex bank said increase in BVN enrolment would address the constraint that poor identification has on the availability of credit to prospective banking customers, particularly, those in the informal sector.

According to recent figures released by Nigeria Interbank Settlement Systems (NIBSS), over 40 million active banks accounts are currently linked with BVN and the CBN has pledged to increase the figures within the next five years through its proactive measures.

The BVN project, which captures the uniqueness of every bank customer, is one of the most-innovative projects introduced into the Nigerian financial system in 2014.

With 40 million bank accounts already linked to the BVN, the Bankers’ Committee has also…

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