The Nigeria Inter-Bank Settlement System (NIBSS) has said that there is an increase in the number of registered bank verification numbers (BVN) in the country, with the total count now reaching 61.16 million as of Friday, March 15, 2024, News About Nigeria reports.
NIBSS disclosed this in the latest BVN statistics posted on its website on Saturday.
Earlier in the year, the agency reported that the BVN count stood at 59.9 million as of January 26, 2024.
The recent data shows an increase of 674,280 new BVN registrations recorded between late January and mid-March.
The BVN system was introduced to streamline banking operations and enhance security by uniquely identifying individuals using biometric data.
Over the years, the BVN has become essential for accessing various banking services and conducting financial transactions in Nigeria.
The surge in BVN registrations comes amid growing demands from banks and telecommunication companies for customers to link their accounts and phone numbers with their BVNs to comply with regulatory requirements and enhance security measures.
Despite the importance of BVN registration, many Nigerians have faced challenges and frustrations during the linking process, with reports of technical issues and unsuccessful attempts.
These challenges have prompted calls for improved systems and streamlined processes to ensure a smoother registration and linking experience for all.
Meanwhile, the Nigerian Communications Commission (NCC) has restated its directive to telecom operators to disconnect phone subscribers who have not linked their National Identification Numbers (NINs) to their SIM cards by February 28, 2024.
Dr. Aminu Maida, the Executive Vice Chairman of the NCC, said this during the commission’s Special Day at the 45th Kaduna International Trade Fair.
Represented by Mr. Reuben Mouka, the NCC’s Director of Public Affairs, Dr. Maida maintained that the deadline for telecom operators to bar subscribers not linked to their NINs remained February 28, 2024.
“To this end, the National Communication Commission has directed all telecommunication operators to bar the phone lines of subscribers whose lines are not linked to their NINs on or before February 28, 2024,” he said.
