Headline National News Nigeria

BVN enrollment surpasses 57 million

Registration for Bank Verification Number, BVN has reached 57.4 million.

The BVN was introduced by the Central Bank of Nigeria, CBN about seven years ago to provide a unique identity for Bank customers.

The Governor of the CBN, Godwin Emefiele who made this known at a seminar for Journalists, said the BVN had remained a key component of its ‘Know Your Customer’ requirement to remove the barriers to proper identification of bank customers.

Emefiele said the improved enrollment figures was supporting the development of credit profiles and also improving access to credit for deserving customers.

The BVN, he stressed, has also helped in the investigation of fraud and other similar crimes in the financial system.

The CBN Governor who was represented by the Director of Monetary Policy, Dr. Hasan Mahmud listed some of the responses to cases of cyber threats in the sector to include the establishment of the Nigeria Electronic Fraud Forum, incident response team, enforcement of two factor authentication on all electronic banking platforms and the enactment of the cyber crimes Act of 2021.

Reporting by Biodun Dare; Editing by Oluwaseyi Ajibade