CBN Seeks to Increase BVN Subscribers To 100 Million

The Central Bank of Nigeria (CBN), is planning to increase the figures of bank customers enrolled on the Bank Verification Number (BVN) system from 38 million to 100million in the next five years.

The CBN said the increase in BVN enrollment would address the constraint that poor identification has on the availability of credit to prospective banking customers, particularly, those in the informal sector.

According to recent figures released by Nigeria Interbank Settlement Systems (NIBSS), over 38 million active banks accounts are currently linked with BVN and the CBN has pledged to increase the figures within the next five years through its proactive measures.