Over 40m accounts enrolled to BVN-CBN

Central Bank of Nigeria (CBN) said that over 40 million accounts have been enrolled to the Biometric Verification Number (BVN). The CBN stated this in a statement urging bank customers to link their BVN to all their bank accounts. It stated, “The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, introduced the Bank Verification Number (BVN) on February 14, 2014. This initiative of the Bankers’ Committee is aimed at ensuring unique identity for all bank customers and other users of financial services in the country by the use of the customers’ biometrics as means of identification.
“At the expiration of the initial estimated 18 months after the launch, a good number of bank customers were reluctant and never took the exercise seriously, which led to commotion and stampede in banking halls across the country towards the end of the dateline of June 30, 2015. This confusion necessitated the call for the extension of the registration dateline by four months to October 31, 2015.
“The question now is whether bank customers took advantage of the extension? The banks after the initial hullabaloo provided more facilities to enhance seamless enrolment. As a result, Current statistics from the Nigeria Inter-Bank Settlement System Plc (NIBSS) show that 20,833,635 bank customers have enrolled as at October 25, 2015.
“Given the tradition of multiple accounts holding by an average Nigerian, which could be conservatively estimated at about 2 or 3 per an account holder, therefore, it could be safely assumed that over 40 million accounts might have been enrolled to BVN. While it can be said that some substantial efforts have been made in terms of enrollment and successes recorded, what is left therefore, is for the remaining account holders to get their accounts linked to BVN.
“Furthermore, Nigerian banks’ customers in the diaspora have taken advantage of more facilities provided for enrollment in more locations abroad. The updated information on the locations for the enrolment of Nigeria banks’ customers in the diaspora can be accessed through the link below: http://www.nibss-plc.com.ng/bvn/enrollment_centers.html
“It is evident that there has been less pressure in banking halls across the country which goes to buttress the fact that a greater percentage of account holders have been enrolled with the exception of those yet to link their accounts to their BVN.
The point needs to be stressed here that it is not enough to just enroll for BVN. The process is duly concluded only when all accounts owned by a bank customer are linked to his or her BVN.
“From the foregoing, it becomes clear that the insinuation of about 32 million accounts holders yet to enroll was simply a misrepresentation that fails to take into consideration the multiple accounts holding habit of most Nigerians.
All said, if anyone has not enrolled for BVN, it cannot be attributed to lack of facilities, but out of his/her individual volition. By all indications, it can be safely said that the BNV exercise by the Bankers’ Committee in collaboration with the CBN has proved rather successful.”