NIBSS: Over 64.8m Nigerians have enrolled for BVN

The Nigeria Inter-Bank Settlement System (NIBSS) says enrolments for the bank verification number (BVN) increased to 64.83 million in January.

According to data from the NIBSS, the figure represents an increase of 1.35 million, compared to the 63.47 million recorded in January 2024.

The BVN is an 11-digit number unique to each individual across the banking industry.

BVN is now required to own and operate a bank account in Nigeria.

However, as of July 2024, there are 231.1 million active accounts.

On October 23, 2024, the Central Bank of Nigeria (CBN) said a BVN platform will be launched by December for Nigerians in the diaspora.

According to Olayemi Cardoso, governor of CBN, the platform would enable Nigerians in the diaspora to operate their local bank accounts, run their businesses and sort out know-your-customer (KYC) issues with financial institutions from anywhere in the world.

On January 10, CBN introduced the non-resident Nigerian ordinary account (NRNOA) and non-resident Nigerian investment account (NRNIA) for Nigerians in the diaspora.

The  NRNOA is an account that enables non-resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies.