BVN enrolments rise by 1.3m in 3 months


Though still low-paced, increase in the number of accounts linked to BVN in the country has remained steady


Enrolments for the Biometric Verification Number (BVN) by bank account owners in the country rose by 1.3 million in the last three months, New Telegraph has learnt.


According to the data released by the Nigeria Inter-Bank Settlement System (NIBSS), the new enrolments recorded between May and August brought the total registration to 43 million as of August 16. As of May 10, this year, NIBSS put the total enrolment figure at 41.7 million, which showed that registrations had slowed down due to the coronavirus pandemic.


However, the period between May 10 and August 16 saw a return to normal pace of registration. NIBSS data for last year showed that the enrolments increased averagely by one million every three months.


For instance, while the BVN figure stood at 36.4 million at the end of 2018, it increased to 37.4 million at the end of March 2019. By June 2019, over 900,000 were added to bring the total enrolments figure to 38.3 million. In the third quarter of 2019, BVN enrolments increased by 1.1 million to 39.4 million at the end of September and by December, another one million registrations were recorded, bringing the total enrolment to 40.4 million at the end of 2019.


There was, however, a slow down between February and May this year. Between February 9 and May 10, 761, 556, which increased the enrolment figure from 41 million 41.7 million. The slowdown in enrolment for the period may not be unconnected with the COVID-19 lockdown, during which all banks were shut.


The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, NIBSS and the German firm, Dermalog, launched the $50 million BVN project, on February 14, 2014, with the aim of capturing biometrics of all bank customers and giving them a unique identity that can be verified across the Nigerian banking industry.


The project is also aimed at deepening financial inclusion in the country. To have many more Nigerians on the BVN database, the CBN had in December last year announced the commencement of classification BVN 2.0 plan that allows both the rich and poor in rural areas to access financial services.


The CBN Governor, Godwin Emefiele, who broke the news at the end of the 11th Bankers’ Committee retreat in Ogere, Ogun State, explained that BVN will now be classified into two, BVN Premium and BVN Lite.


According to him, while the BVN Premium covers customers that can provide the 18 basic requirements for a complete BVN enrolment, the BVN Lite requires minimal documentations like name and phone number for bank customers, especially those at the rural areas that do not meet the full requirements.


The initiative, which is in collaboration with the Nigerian Communication Commission (NCC) and Mobile Money Operators (MMOs), would ensure more Nigerians brought into the financial system.


“The BVN 2.0 classification scheme will help bring more people into the financial system and reduce the financial exclusion rate,” the CBN Governor had said.


“Know Your Customer (KYC) scheme is part of what will be migrated into the BVN Lite. However, some people are currently financially excluded, like people in our rural communities that carry phones but not having financial services.


With the collaboration of NCC, we are putting this BVN arrangement to allow them to conduct minimal financial services.

“It should be possible for us to migrate these people into the BVN lite arrangement where they can conduct minimal financial services, not just banking services, but minimal financial services, insurance and anything you want to conduct in terms of finance, e-payment, or anything, you can do it with the aid of your phone.


Bringing them into the financial system will help to increase the rate of financial inclusion and reduce exclusion rate,” Emefiele added.





Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica