The number of bank accounts in Nigeria has hit 36 million, as Bank Verification Number (BVN) enrolment in the country increased to 38,696,142, according to figure released by the Nigeria Interbank Settlement System Plc (NIBSS).
BVN is a unique number for customers of banks in Nigeria, which contains biometric details of customers including the fingerprint of all ten fingers and facial image.
The Central Bank of Nigeria [CBN] through the Bankers’ Committee and in collaboration with all banks in Nigeria launched a centralised biometric identification system for the banking industry in 2014.
The biometric identification was introduced to address identity theft, reduce exposure to fraud and enhance the banking industry’s chances of being able to fish out blacklisted customers, among others.
Analysis of the data showed that the total number of BVN as of the end of August 4, 2019 was 38.6 million