Registration for the Bank Verification Number (BVN) has increased to 61.16 million as of March 15, 2024.
This was revealed in the latest BVN registration data released by the Nigeria Inter-Bank Settlement System (NIBSS). Earlier in a recent report, as of January 26, 2024, the BVN database stood at 59.9 million, this shows that a total of 674,280 new registrations for BVN were recorded between late January and mid-March this year.
The recent announcement by the Central Bank of Nigeria (CBN) that all bank accounts without BVN would be frozen from April 2024 might have contributed to the increase in registration.
In December last year, the Apex bank also directed commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, through a circular that the BVN or National Identification Number, NIN, attached to all accounts/wallets must be electronically revalidated by January 31, 2024.
In a circular by the apex bank, it instructed banks to place a “Post no Debit” restriction – which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”.
‘Post No Debit’ is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from such accounts.
This measure effectively freezes the funds in the account, rendering them inaccessible for the duration of the restriction.