• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

CBN to increase BVN linked bank accounts by 60 million

Titobioluwa Okunade by Titobioluwa Okunade
December 30, 2019
in Business News
diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

CBN Governor, Godwin Emefiele

Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has stated its readiness to increase the number of bank account holders enrolled on the Bank Verification (BVN) System from over 40 million to 100 million in the next 5 years.

According to the Nigeria Interbank Settlement System (NBISS), there are over 40 million active bank accounts currently linked with BVN.

BVN enrolment is said to curtail issues with poor identification of bank customers on the availability of credit, principally those in the informal sector.

RelatedStories

Naira , dollar, exchange rate

Naira ends week mixed: Falls to N1,554/$ at official market, gains to N1,595/$ on parallel market 

June 14, 2025
CBN, forex

CBN suspends dividends, bonuses, and foreign investments for banks under regulatory forbearance 

June 14, 2025

Customer Compliant: Banks refund N76.75 billion and $20.90 million to customers - CBN 

The BVN project, which captures the fingerprints of every bank customer, was introduced into the Nigerian financial system in 2014 and as earlier published on Nairametrics, the Bankers’ Committee unveiled a new plan that classifies the BVN into two – BVN Premium and BVN Lite.

The CBN Governor, Godwin Emefiele, had disclosed that BVN Premium would cover customers that can provide the 18 basic requirements for a complete BVN enrolment, while the BVN Lite would require minimal documentation like name and phone number for bank customers that reside in rural areas and wouldn’t be able to meet the full requirements. He added that the classification was aimed at reducing financial exclusion rate.

[READ MORE: CBN issues banks new guidelines, fines over customers’ complaint)

Meanwhile, the country’s BVN project did not only disrupt banking and payment systems, it also ensured the safety of depositors’ funds with the Bankers’ Committee collaborating with the Nigerian Communication Commission (NCC) and Mobile Money Operators (MMOs), the Know Your Customer (KYC) scheme would be migrated into the BVN Lite in increase the success of the scheme.

“However, there are people who are currently financially excluded, like people in our rural communities that carry phones but not having financial services. With the collaboration of NCC, we are putting this BVN arrangement to allow them conduct minimal financial services,” Emefiele said.

However, the CBN’s policies on mobile money, agency banking, Know Your Customer (KYC), insurance, and, recently, Payment Service Banks (PSBs) expected to kick off in 2019 have helped to bring 2.6 million new customers into the financial system, The Nation reported.


Follow us for Breaking News and Market Intelligence.
Tags: accountsBVN LiteBVN PremiumCentral Bank of NigeriaGodwin EmefieleNigeria Interbank Settlement System
Titobioluwa Okunade

Titobioluwa Okunade

Related Posts

Naira , dollar, exchange rate
Currencies

Naira ends week mixed: Falls to N1,554/$ at official market, gains to N1,595/$ on parallel market 

June 14, 2025
CBN, forex
Financial Services

CBN suspends dividends, bonuses, and foreign investments for banks under regulatory forbearance 

June 14, 2025
Naira , dollar, exchange rate
Currencies

Exchange rate extends one-week appreciation rally across official, parallel markets post-Sallah holidays 

June 11, 2025
CBN, forex
Currencies

CBN’s BDC recapitalization deadline expires today as operators seek urgent extension to save 3 million jobs 

June 3, 2025
Zenith, Access leads as banks’ CSR donations
Financial Services

BAD LOANS: Nigerian listed banks incur N3.77 trillion in loan losses since 2023, see top losers 

June 2, 2025
Naira , dollar, exchange rate
Currencies

Naira ends May mixed: Gains 1.28% in official market, dips 1.24% at parallel 

June 2, 2025
Next Post
Bank CEOs, NCC, CBN to meet over USSD charges

Bank CEOs, NCC, CBN to meet over USSD charges

Comments 3

  1. Adimorah Nzube says:
    December 30, 2019 at 2:01 pm

    The BVN àctually help receive money from Western Union without any means of identification… however, we ain’t entirely secured as people still get robbed of their money remotely..

    Reply
  2. Pitan Oluwagbemisola says:
    January 1, 2020 at 8:19 am

    Improvement is still required from CBN on the BVN issue. Most women that changed to their married name are having issues with the bank. ” No every marriage have certificate ” though, this make it difficult 4 them to operate their account easily.

    Also on the local / rural, many are not educated too, they can’t writer their nemes and can’t even signs any signature. Some times computer reject their finger print.

    Reply
  3. Anonymous says:
    January 10, 2020 at 9:34 pm

    We are fully happy with this effort of the cvn, we’re facing difficulties because our bvn wasn’t in the cvn server.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 
  • Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 
  • Dangote Refinery to begin distribution of petrol, diesel with free logistics nationwide

Follow us on social media:

Recent News

NUPENG threatens nationwide strike over violent attack on workers in Kaduna

E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

June 15, 2025
Billionaire and Oracle co-founder, Larry Ellison

Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics