Over 57m Nigerians Enrolled for BVN, says CBN


The Central Bank of Nigeria (CBN) says over 57 million citizens have enrolled for their bank verification numbers (BVN) as at March 31, 2023.

Over 57m Nigerians Enrolled for BVN, says CBN

This represents a 5 percent increase compared to the 54.65 million BVNs enrolled in the first half of 2022.

CBN governor, Godwin Emefiele spoke on the challenges of the apex bank and key policies introduced to make payments faster, at the 34th seminar for finance correspondents and business editors in Calabar on Tuesday.

He said the CBN has also continued to collaborate with relevant stakeholders in the adoption of payment system instruments and channels.

The economist said some of the channels introduced are the bank verification number (BVN), real-time gross settlement system (RTGS), regulatory sandbox, open banking, and the CBN digital currency (CBDC), the eNaira.

According to Emefiele, Nigeria is currently the first country on the continent, and second in the world to have fully launched a live CBDC.

He said,“The payment system regulation and management role of the CBN is very critical in the achievement of its primary mandate of price and monetary stability conducive for inclusive and sustainable economic growth.

It is also important for ensuring a stable, safe, and efficient financial system in Nigeria.

“Cognisance of the implications of the risks that accompany digital innovations and technological advancement globally, the CBN has continued to ensure a healthy balance between the adoption of latest innovations and development of reliable mitigants to the associated inherent and operational risks to both the payments system and the rest of the economic sectors in Nigeria.”

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