April 17, 2021

CBN Set To Increase Their BVN Target Within the next 5 Years:

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CBN Set To Increase Their BVN Target Within the next 5 Years:

Record shows that the current figures by the Nigeria Interbank Settlement Systems, more than 40 million active bank accounts are now fully enrolled with BVN and the CBN had promised to increase the number in few years.

Meanwhile, the Central Bank of Nigeria has concluded that the plan is to ensure a maximum number of people enrolled on Bank Verification Number system, at least 100 million over the next five years.

According to the Nation News Online, the apex bank said the increase in BVN enrolment would address the issue that poor identification has on the availability of credit to prospective banking customers, especially those in the informal sector.

According to recent figures released by Nigeria Interbank Settlement Systems, over 40 million active bank accounts are currently linked with BVN and the CBN had pledged to increase the figures within the next five years through its proactive measures.

The BVN project, which captures the uniqueness of every bank customer, is one of the most-innovative projects introduced into the Nigerian financial system in 2014.

The Bankers’ Committee has also unveiled a new plan that requires classification of BVN into two – BVN Premium and BVN Lite.

The Nigeria Central Bank governor, Godwin Emefiele, said BVN Premium is for customers that can provide the 18 basic requirements for a full BVN enrolment, or registration whereas, the BVN Lite will require minimal documentation like name and phone number for bank customers, especially those in the villages that couldn’t meet the full requirements.

According to Mr Emefiele, he said, the effort will enable such grassroots’ customers, mainly the poor, conduct minimal financial services and reduce financial exclusion rate in the financial sector.

A report from Sahara Reporters Online News confirmed from the CBN boss that the “committee was collaborating with the Nigerian Communication Commission and Mobile Money Operators to ensure that the project succeeds and more Nigerians brought into the financial system.”

CBN director also said the Know Your Customer scheme will emerge as the BVN Lite.

“However, there are people currently financially excluded, like people in our rural communities that carry phones, but not having financial services. With the collaboration of NCC, we are putting this BVN arrangement to allow them conduct minimal financial services, ” He said.

Image Source: Godwin Emefiele page

Also Read: CBN Said No To The N50 POS Charges Per Transaction

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