The number of new registrations for Bank Verification Number(BVN) rose by over 4.8 million to 56.5 million in 2022, according to data released by the Nigeria Inter-Bank Settlement System (NIBSS).

According to data on the website of NIBSS, which holds the banking industry data, total BVN recorded as at the end of December 2021 stood at 51.7 million, while in 2022 the country recorded a total of 4.8 million new BVNs. The 2022 figure showed a slowdown in the BVN database growth compared with 2021.

NIBSS said “active bank accounts in the country stood at 133.5 million as of December 2021, showing a wide gap between the registered BVN and the number of bank accounts, even though multiple accounts can be linked to a single BVN.

NIBSS added that, “the BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, while it ensures that customers’ bank accounts are protected from unauthorised access. Emphasising the security benefits of the BVN, NIBSS stated:

“With the increasing incidents of compromise on conventional security systems (password and PIN), there is a high demand for greater security for access to sensitive or personal information in the Banking System. In recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes.”