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BVN registration hits 60.2 million as deadline nears

Registration for the Bank Verification Number (BVN) increased to 60.2 million as of January 10, 2024

According to the latest BVN registration data released by the Nigeria Inter-Bank Settlement System (NIBSS), registration for the Bank Verification Number (BVN) increased to 60.2 million on January 10, 2024.

Nigerian Bank Hall|Source: Ripples

The recent data indicates an increase compared to the 59.9 million recorded as of December 18, 2023, and shows that at least 300,000 new registrations for BVN were recorded between late December and early January.

On December 1, 2023,  CBN 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.

The circular said that effective March 1, 2024, all funded accounts or wallets without BVN or NIN shall be placed on ‘Post No Debit or Credit’, and no further transactions would be permitted.