As push to credit Nigerians accounts with some funds as support during this lockdown and economic crisis in the country, Nigerian Interbank Settlement System Data have revealed Nigeria has recorded over 41.7 million Bank Verification Numbers (BVN) since it was introduced in February 2014.
BVN is a biometric identification system linked to bank accounts, which was introduced by the Central Bank of Nigeria to curb illegal banking transactions in the country.
The apex bank has intensfied efforts to enforce the BVN policy on account holders across the country and those in the diaspora holding accounts in the country.
According to data by the NIBSS, a total of 41,710,826 BVNs have been enrolled as of April 19 2020,
Existing bank accounts are 125 million and the number of BVNs represents only 33.3% of the accounts.
Meanwhile, only 79.414 million of the bank accounts were active as of January 2020, according to the NIBBS.