Sidebar

Exclusive Reports

29
Fri, Mar

38 Million Nigerians Now Have BVN - CBN

Top Stories
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

According to the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) in the country have successfully linked 38 million bank accounts with the Bank Verification Numbers (BVN). The apex bank stated that the achievement is part of its financial inclusion drive and that CBN said was targeting 100 million BVNs in the next five (5) years.

 

The CBN added that in order to ease the constraint poor identification has on the availability of credit to prospective banking customers, the apex bank will support an aggressive enrolment of prospective banking customers in the informal sector onto the BVN scheme.

More so, the apex bank revealed that the current enrolment of 38 million bank accounts is unique and hopefully, banking customers will be expanded to 100 million over the next five years.

Also, there is an ongoing partnership between CBN and the National Identity Management Commission (NIMC) will also enable integration between the two databases.

This effort will improve the comfort level of banks in providing services to an expanded customer base.

It will also aid in the development of a credit profile for banking customers which will assist in improving access to credit for credit-worthy borrowers by banks across the country.

In the same vein, the CBN had mandated that the details of the BVN signatories, name of directors and beneficial owners of corporate bank accounts be linked to their respective entity accounts (both incorporate and non-incorporate).

It also directed that all corporate accounts should have the BVN details of all signatories, directors and beneficial owners linked to their respective non-individual company accounts.

This directive was also mandatory for non-resident and non-Nigerian directors of corporate accounts.

 

BLOG COMMENTS POWERED BY DISQUS