Enrolment for the Bank Verification Number (BVN) by bank account owners surged to 62.7 million as of July 2024, recent data from the Nigeria Inter-Bank Settlement System (NIBSS), has revealed. This represents a significant increase over the 61.87 million recorded in early May, with 854,267 new registrations in just two months. The NIBSS data showed that as of December 2023, there were 60 million BVNs registered, indicating a growth of 2.7 million this year. This surge is primarily attributed to a directive issued by the Central Bank of Nigeria (CBN) in December 2023, which mandated that all banks freeze accounts not linked to a BVN by April 2024. The directive also required all commercial, merchant, non-interest, and payment service banks, as well as other financial institutions and mobile money operators, to mandate the BVN or National Identification Number (NIN) for all accounts and wallets. The Central Bank of Nigeria (CBN), had in a strategic move to fortify financial integrity and regulatory compliance, made a significant announcement in December of the preceding year.

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