Enrolments for the Bank Verification Number (BVN) by bank account owners in the country increased to 64.8 million in January, according to the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).

The latest data shows that 800,000 bank account owners did their enrolments between November 2024, when the figure was 64 million and January 2025.

The NIBSS data also showed that there is still a wide gap between the number of active bank accounts and the number of BVN in the country, which is now a compulsory requirement for opening an account.

According to data by NIBSS, the number of active bank accounts in Nigeria stood at 231.1 million in July 2024.

According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, 5% (3 million) of banked adults do not have a BVN or NIN.

In October 2024, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that NIBSS would launch a non-resident BVN platform to enable Nigerians in the diaspora to operate their local bank accounts, run their businesses, and sort out KYC issues with financial institutions from anywhere in the world.

This has, however, not been officially launched despite the December 2024 timeline given by Cardoso, who had said the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy without any hassles and diversify their businesses.

According to the recent directives from the CBN, every financial account, including that of fintechs, must now be linked with BVN before it can be operational.

The global adoption of cryptocurrency has reached a historic milestone, with over 562 million people now owning digital assets, according to a new industry report.

This figure represents a significant increase from previous years, underscoring the growing popularity of cryptocurrencies across diverse demographics and regions.

The report, published by a leading blockchain analytics firm, attributes the growth to several key factors:

Increased Accessibility: Advancements in blockchain technology and user-friendly platforms have made it easier for individuals to buy, store, and trade cryptocurrencies.

Institutional Support: Major financial institutions have embraced digital assets, offering cryptocurrency investment products and payment solutions, thereby legitimizing the market.

Inflation Hedging: In countries experiencing economic instability and currency devaluation, cryptocurrencies have become a preferred alternative for preserving wealth.

Younger Generations: Millennials and Gen Z are leading the charge, viewing cryptocurrencies as a way to participate in decentralized finance and break away from traditional banking systems.

Regional Breakdown

The report highlights varying adoption rates across different regions:

Asia: Leading the charge with over 200 million cryptocurrency owners, driven by strong participation from countries like India, China, and Vietnam.

North America: Approximately 90 million owners, fueled by widespread institutional adoption and regulatory clarity in the United States and Canada.

Europe: Close to 80 million owners, with a focus on Bitcoin and Ethereum as popular investment assets.

Africa and Latin America: Rapid adoption in nations such as Nigeria, Argentina, and Brazil, where cryptocurrencies are seen as a hedge against hyperinflation and unstable local currencies.

Broader Implications

The rise in cryptocurrency ownership reflects shifting attitudes toward digital finance. Experts note that this growing user base enhances the utility and value of cryptocurrencies in everyday transactions and investments

“The increasing adoption of digital assets signals a new financial paradigm where individuals have greater control over their wealth,” said a senior economist from a major financial think tank.

“It also highlights the urgent need for governments and institutions to establish comprehensive regulatory frameworks.”

Challenges and Opportunities

Despite its growth, the cryptocurrency market faces challenges, including regulatory uncertainty, environmental concerns, and security issues. However, the potential for financial inclusion and innovation remains immense.

Companies and governments are responding to this trend by developing blockchain-based solutions, from decentralized finance (DeFi) platforms to central bank digital currencies (CBDCs). Additionally, crypto education initiatives are helping new users navigate the complexities of digital assets.

The Road Ahead

As cryptocurrencies become more integrated into mainstream finance, experts predict that ownership numbers will continue to rise.

Innovations in blockchain technology and increasing acceptance of digital assets in global commerce are likely to drive further growth.

The milestone of 562 million cryptocurrency owners marks a turning point in the evolution of finance.

With more people embracing the opportunities offered by digital currencies, the future of money is becoming increasingly decentralized and digital.

Securities and Exchange Commission (SEC) has reminded capital market operators (CMOs) to ensure that they renew their registration on or before January 31, 2025.

The Commission said this in a circular issued to ask the operators to begin their annual renewal of registration from January 1 to January 31, 2025.

The annual registration renewal of capital market operators aims to ensure that only fit and proper persons operate in the Nigerian capital market.

SEC in the secular stated: “This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 1, 2025.

“All CMOs applying for renewal must include their 2025 annual subscription receipt from their respective trade groups as part of their application.

“In line with the Commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31, 2025, via the renewal of registration portal, www.eportal.sec.gov.ng. For enquiries or support in completing the process, please contact [email protected]”

The Commission emphasised that CMOs without valid registration will be penalised and may be excluded from carrying out capital market activities.

The SEC had in 2021 re-introduced periodic renewal of registration by capital market operators, which was premised on the need to have a reliable data bank of all CMOs registered and active in the Nigerian capital market.

The aim was to provide updated information on operators in the Nigerian capital market for reference and other official purposes by local and foreign investors, other regulatory agencies, and the public.

The renewal was also introduced to increasingly reduce incidences of unethical practices by CMOs, such as those that may affect investors’ confidence and impact negatively on the Nigerian capital market, as well as strengthen supervision and monitoring of CMOs by the commission.

Consequently, the SEC amended its rules and reintroduced the requirement for yearly renewal of registration by all CMOs, which is carried out electronically to ensure efficiency.