BVN registrations surge to 61.16 million — NIBSS

The Nigeria Inter-Bank Settlement System (NIBSS) has announced a significant milestone in the registration of Bank Verification Numbers (BVN), with the total now at 61.16 million.

This update, which was released on Saturday via the organization’s official website, emphasises the growing importance of BVN in the country’s financial landscape.

As of Friday, March 15, 2024, the BVN count was 61,166,384, a significant increase from the 59.9 million reported in January.

This increase reflects a steady increase in BVN registrations, which totalled 674,280 between late January and mid-March.

BVN registration has emerged as a critical requirement for financial transactions in Nigeria, owing to mandates from banks and telecommunication companies.

Individuals are encouraged to link their accounts and phone numbers to their SIM cards as part of the BVN registration process, which will improve security and facilitate smooth financial transactions.

The importance of BVN registration extends beyond individual transactions, as it plays a critical role in strengthening financial systems and discouraging fraudulent activity in the banking sector.

remains committed to overseeing and managing the BVN registration process, ensuring widespread compliance, and protecting the country’s financial infrastructure.