May 3, 2023 Recall that CBN in partnership with the Nigerian Interbank Settlement System , bankers committee and deposit money banks launched the BVN project in February 2014.
The Central Bank of Nigeria has claimed that only 57.4 million out of over 200 million Nigerians, have a Bank Verification Number .
The BVN was introduced to uniquely identify bank customers in Nigeria, lower fraud, and boost the effectiveness of the nation's financial operations. As part of attempts to remove the constraint associated with inadequate identification of banking customers, the CBN chairman stated that BVN has continued to feature in the bank's Know Your Customer regulations.
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