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BVN: Again CBN Threatens Account Closure

July 13, 2023 • 2 min read

The Central Bank of Nigeria )CBN) has once again threatened to close bank accounts without the Bank verification Number (BVN).

This is as the apex bank said number of issued Bank Verification Numbers rose to 57.96 million as of July 3, 2023.

This is according to data obtained from the Nigeria Inter-Bank Settlement System Plc.

According to the NIBSS, the increasing incidents of compromise on conventional security systems (password and PIN) had increased the demand for greater security for access to sensitive or personal information in the banking system.

It stated that in recent times, biometric technologies had been used to analyse human characteristics as an enhanced form of authentication for real-time security processes.

It stated that BVN gave a unique identity that could be verified across the Nigerian banking industry (not peculiar to one bank), and ensured that customers bank accounts were protected from unauthorised access.

It said, “It will address issues of identity theft, thus reducing exposure to fraud. The BVN will enhance the banking industry’s chances of being able to fish out blacklisted customers.”

It noted that the BVN is an acceptable means of identification across all Nigerian Banks. Since launching in 2014, 57.96 million Nigerians have now got BVNs.

Data from NIBSS indicated that there were 133.5 million as of December 2021.

According to the apex bank, BVN was part of its overall strategy of ensuring the effectiveness of the Know Your Customer principles, and the promotion of a safe, reliable, and efficient payments system.