Connect with us

Business

BVN linked bank accounts rise to 47.9m

Published

on

Profitability & asset quality of Nigerian Banks threatened by 23% of their loans —Agusto

Active bank accounts linked to Bank Verification Number (BVN) now stood at 47.9 million (47,981,081) as at May 9, 2021 data from the Nigeria Interbank Settlement System (NBISS) has shown.

While this represents a considerable growth from about 36 million captured in 2019 the number still falls short of the Central Bank of Nigeria’s (CBN’s) target of 100 million customers enrolment on the BVN network before 2024.

The BVN project, was introduced to the Nigerian financial system in 2014 and captures the uniqueness of every bank customer.

In fact, it was once described as one of the most-innovative projects.

According to CBN at the time of launch, “BVN was designed to protect customers and also curb or reduce illegal banking transactions.”

READ ALSO: MTN succumbs to Nigerian banks, reverts percentage on USSD commission

BVN major framework would also aid in tracing illegal illicit fund transfer

Seven years after it’s launch, opinions are still divided on its effectiveness to stop fraud transactions especially via electronic channels.

Ripples Nigeria reported that about 41,979 bank customers lost N5.20bn to cyberfraud between January and September last year.

The report noted that the fraudsters perpetrated the crime through the web transaction representing, Mobile transaction, Automatic Teller Machine and internet banking.

Breakdown showed Web accounted for about 47 percent, Mobile transaction 36 percent, Automatic Teller Machine 9 percent while internet banking 1 percent.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

We are a media platform, committed to data and investigative journalism that holds leadership accountable.

We will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations