A TOTAL OF 34.7 MILLION BANK ACCOUNTS ARE NOT YET LINKED TO BVNS

, Magazine

About five years after the introduction of the Bank Verification Number (BVN) by the Central Bank of Nigeria (CBN) in 2014, some 34.728 million bank accounts across Nigeria are yet to be linked to BVNs.

Data released by the Nigerian Inter-Bank Settlement Systems (NIBSS) on June 23rd of June, disclosed that only seven hundred and fifty-eight thousand (758,000) bank accounts were linked within the last two months. This brings the total number of linked accounts to 38,198,207, up from 38,026,393.

Total Bank Accounts: Meanwhile, the total number of bank accounts in Nigeria as at May 2019 is pegged at 122.071 million. This indicates an increase from the 121.63 million bank accounts that were recorded in April 2019.

Nigeria as at May 2019 is pegged at 122.071 million. This indicates an increase from the 121.63 million bank accounts that were recorded in April 2019.

Meanwhile, the categories of bank accounts was majorly dominated by the savings account holders which stood at 89.6 million saving accounts numbers, while the current accounts was hinged at 29.15 million as at May, 2019.

The data analysis from the NIBSS indicates that the registration of biometric verification numbers has been on the low compared to the rate at which bank accounts are being opened across the country.