Number of bank accounts linked to BVN still below CBN’s expectation

The active bank accounts linked to Bank Verification Number (BVN) which is now 47.9 million as at May 9, 2021, is still a fall cry from Central Bank of Nigeria’s (CBN’s) target of 100 million customers’ enrollment on the BVN network before 2024.

According to data from the Nigeria Interbank Settlement System, (NBISS), the latest figure represents a considerable growth from about 36 million captured in 2019.

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The BVN project was introduced to the Nigerian financial system in 2014 and captures the uniqueness of every bank customer.In fact, it was once described as one of the most-innovative projects.

According to CBN at the time of launch, “BVN was designed to protect customers and also curb or reduce illegal banking transactions.”

BVN major framework would also aid in tracing illegal illicit fund transfer

Seven years after its launch, opinions are still divided on its effectiveness to stop fraud transactions especially via electronic channels.

It would be recalled that about 41,979 bank customers lost N5.20bn to cyber-fraud between January and September last year.

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The report noted that the fraudsters perpetrated the crime through the web transaction representing, Mobile transaction, Automatic Teller Machine and internet banking.

Breakdown showed Web accounted for about 47 percent, Mobile transaction 36 percent, Automatic Teller Machine 9 percent while internet banking 1 percent.