BVN Database Now 38 Million – CBN

Bank Verification Number
  • BVN Database Now 38 Million – CBN

The Central Bank of Nigeria has said the total bank accounts linked to the Bank Verification Number (BVN) database is currently 38 million.

The apex bank, during its financial inclusion plan for the next five years, said it is working on increasing the number of people in the financial system to 100 million. This will equally translate to 100 million BVNs.

“In order to ease the constraint poor identification has on the availability of credit to prospective banking customers, the CBN will support an aggressive enrolment of prospective banking customers in the informal sector onto the BVN system,” the CBN stated.

“The current enrolment of 38 million unique banking customers will be expanded to 100 million over the next five years.

“Ongoing partnership with the National Identity Management Commission will also enable integration between the two databases.

“This effort will improve the comfort level on banks in providing services to an expanded customer base. It will also aid in the development of a credit profile for banking customers which will assist in improving access to credit for creditworthy borrowers by banks.”

The central bank had directed banks to link BVNs of directors and beneficial owners of corporate companies to their respective corporate bank accounts (incorporated and non-incorporated).

The CBN also stated that all corporate bank accounts most have BVN details of all signatories, directors and beneficial owners linked to their respective non-individual company accounts. The same rule applies to non-resident and non-Nigerian directors of corporate accounts.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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