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NIBSS
Nigeria Inter-Bank Settlement System (NIBSS) has appointed Ebehijie Juliet Momoh as Managing Director/CEO and Ugo Obasi as Chief...
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) have revealed that registration for the Bank Verification Number (BVN) increased by 1.75 million in the last four months plus a few days in May.
Tijani said the SPV will be modeled in governance and operations similarly to some of the best Public-Private Partnership setups in Nigeria, such as NIBSS and NLNG.
According to the CAC, the registrations is also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN).
Bank fraud continues to be a critical issue in Nigeria, impacting many through various techniques that lead to significant financial losses.
The Nigeria Inter-Bank Settlement System (NIBSS) 2023 Annual Fraud Landscape reveals an alarming trend in international fraud activities targeting Nigerian banks' customers.
The data also shows that at the end of 2023, active bank accounts stood at 2022.6 million, meaning that about 17 million new accounts have been opened across the banks between January and March this year.
The figure from Paga further confirms the rising embrace of mobile money in Nigeria as recently revealed by data from the NIBSS
The mobile money transactions figure for Q1 2024 represents an 89% growth year on year when compared with the N9.1 trillion transactions recorded in the same period last year.
From January to March, there was a steady rise in the amount of payment transactions carried out over the various electronic channels of banks and fintechs in the country.
The National Identity Management Commission (NIMC) has said that Nigerians who have registered for the National Identification Number (NIN) will soon be able to request for a National ID card with payment functionality for all types of social and financial services.
Registration for the Bank Verification Number (BVN) increased to 61.16 million as of March 15, 2024.