Bank Customers With BVN Rise To 31.4m In 2017- NIBSS

The Nigeria Inter-Bank Settlement System Plc (NIBSS) said bank customers issued Biometric Verification Number (BVN) increased to 31.4 million as at December 31, 2017. Precisely, a total of 31,426,091 were issued BVN last year. As at September 10, 2017 a total number of 30.26 million bank customers were issued BVN as against 29.4 million issued as at June 18, 2017.

Early January 2015, a total of about 2.24 million were issued BVN, a year the apex bank commenced the exercise. As at June 7, 2015, the collaborative efforts in the implementation of the BVN initiative had resulted in the achievement of over 12.43 million registered customers in the central database. Analysts maintained that the current figure might increase further this year as a result of the recent extension of Other Financial Institutions (OFIs) registration by the Central Bank of Nigeria (CBN).

The CBN in collaboration with banks carried out various sensitization exercises which had been assisting in driving the stakeholders support for the project. The enrollment is still ongoing at about 5,000 banks locations across the country. In a move to fast-track OFI registration, the CBN last month placed all accounts without BVN on a ‘post no debit’ status. The OFIs operators are those in Micro Finance Banks (MFBs), Primary Mortgage Institutions, Development Finance Institutions (DFIs), Discount House, Bureaux-de-change, among others.

The CBN in a circular signed by director, OFI supervision department, Mr. Adedeji Adesemoye, said credit lodgments inclusive of deposits and inward transfers, maybe received into such accounts. He directed those in the OFIs operators to continue to enroll customers of such accounts and remove the suspension once they comply. According to the signed circular, “following the expiration of the extended deadline of December 31, 2017 from your customers to enroll and/or submit their BVN details to your institutions, you are required to place all accounts without BVN on a ‘post no debit’ status.

“However, credit lodgments inclusive of deposits and inward transfers, maybe received into such accounts. Your are required to continue to enroll customers of such accounts and only remove the ‘post no debit’ restriction when a valid BVN has been obtained and submitted by the customer or the customer has been duly enrolled by your institution..

“Our earlier directive on the conspicuous display of notices sensitizing customers n BVN in the banking hall. He reiterated that the apex bank will continue to monitor compliance and sanction may be impose on non-compliance. Please note that this directive takes effect immediately and the CBN will continue to monitor compliance. Non-compliance will be met with appropriate sanctions,” the circular signed by he added.