FB pixel

Nigeria issues 700K biometric bank verification numbers between April and July

Nigeria issues 700K biometric bank verification numbers between April and July
 

Figures attributed to the Nigeria Inter-Bank Settlement System (NIBSS) of the Central Bank of Nigeria (CBN) indicate that a total of 700,000 biometric Bank Verification Numbers (BVN) were issued to bank account holders in the country to securely link their identities to accounts, between 10 April and 10 July 2022, newspaper This Day reports.

This brings the total number of BVNs issued to 54.77 million, up from 51.7 million as of 26 December, 2022, per the report. An article by the Nigerian Tribune in April put the BVN registration figures at 54 million as of that month.

This progress notwithstanding, the NIBSS is quoted as saying the gap between the number of bank accounts and the BVNs issued is still wide.

There were 135.5 million bank accounts in the 22 commercial banks operating in Nigeria as of December last year, according to the NIBSS, meaning up to about 78.7 million bank accounts are yet to be linked to the BVN.

David Adnori, managing director of Highcap Securities Limited, told This Day that efforts have to be made to close the gap which still remains wide.

The BVN was introduced in 2014 by the CBN as a way of strengthening safety around bank accounts in the country.

It is a unique number issued to an account holder during account creation to enable the verification of their account across the banking ecosystem.

Early last year, the CBN launched an initiative to eventually replace the BVNs with digital IDs.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News

 

Humanity Protocol CEO talks Moongate acquisition, expansion into ticketing

Humanity Protocol has acquired Moongate, marking a move into the ticketing and access market. For Terence Kwok, CEO of the…

 

Half a million shoplifters can’t be right

By Professor Fraser Sampson, former UK Biometrics & Surveillance Camera Commissioner When Napoleon said that we were a nation of shopkeepers,…

 

Fight misinformation with IDV for tiered anonymity on social media, paper argues

Social media and its effects on our society is an ongoing conversation. Some governments are considering banning social media for…

 

Hackathon spotlights role of Philippines national ID in effective service delivery

Institutions that are yet to integrate their services with the Philippines national ID Authentication platform have been called upon to…

 

Sri Lanka promotes outcome-based procurement for a robust digital economy

A significant transformation in Sri Lanka’s public procurement system, is paramount in the journey to advance Sri Lanka’s digital economy,…

 

Private, effective age verification is possible: Australia age assurance technology trial

“Age assurance can be done in Australia and can be private, robust and effective.” This is the key finding of…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

DIGITAL ID for ALL NEWS

Featured Company

ID for ALL FEATURE REPORTS

BIOMETRICS WHITE PAPERS

BIOMETRICS EVENTS

EXPLAINING BIOMETRICS