Bank Verification Number (BVN) registrations in Nigeria have risen to 62.7 million as of July 2024, up from 61.87 million in May. This increase comes as a result of a recent directive from the Central Bank of Nigeria (CBN).
The CBN’s December 2023 directive required all bank accounts to be linked to a BVN or National Identification Number (NIN) by April 2024.
Accounts not meeting these requirements face a “Post no Debit” restriction, which means they cannot perform transactions.
By enforcing these measures, the CBN aims to enhance transparency and regulatory compliance.
(This Day)
