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According to the Central Bank of Nigeria (CBN), only 57.4 million Nigerians have a Bank Verification Number (BVN).
The BVN project was launched in 2014 to uniquely identify customers of Nigerian banks, reduce fraud, and improve banking efficiency.
Since then, the BVN has become a requirement for opening and maintaining bank accounts in Nigeria.
Godwin Emefiele, the CBN Governor, stated that the BVN is supporting the development of credit profiles for banking customers, which will improve access to credit for credit-worthy borrowers.
The Apex Bank plans to enroll more prospective banking customers in the informal sector into the BVN system to ease the constraint associated with poor identification of banking customers.
The CBN also introduced the Payments System Vision (PSV) 2025 to expand payment options available to customers and strengthen regulation of the payments system.
The CBN uses the payments system as a tool to achieve the financial inclusion goals of the country.
This article was updated 5 months ago