BVN enrollment hits 54m in May

Enrollment for the Biometric Verification Number (BVN) by account owners in the country rose by 3 million to 54.7 million in the first five months of this year.

The recent data released by the Nigeria Inter Bank Settlement System (NIBSS) showed that as at May 29, 2022 , the number of enrollment rose by 5.8 per cent compared with 51.7 million reported as of December 26, 2021.

The data further showed that active bank accounts in the country stood at 133.5 million as of December 2021.

BVN is Biometric technology with secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.

The NIBSS stated that with BVN, customers bank accounts are protected from unauthorised access, will address issues of identity theft, thus reduce exposure to fraud, standardise efficiency of banking operations and enhance the banking industry chances of being able to fish out blacklisted customers