BVN: CBN says 32 million accounts yet to enro

The Central Bank of Nigeria has said 32 million active bank accounts have yet to be enrolled on the Biometric Verification Number by September.

In a statement in Abuja on Friday, CBN Director, Corporate Communications, Mu’azu Ibrahim, said CBN was concerned by the number of account owners yet to enrol, considering that the exercise would end by October 31.

The News Agency of Nigeria recalls that CBN in collaboration with all banks in Nigeria on February 14, 2014, inaugurated the BVN, which is a centralised biometric identification system for the banking industry.

It aims at addressing issues of identity theft and fraud and will help to discover blacklisted customers, reduce queues in banking halls and standardise efficiency of banking operations.

The CBN also said the BVN would encourage banks to grant loans to Micro, Small and Medium Enterprises and students in the country.

“One of the most potent arguments advanced by banks for not extending enough credit to prospective credit customers in Nigeria has been the absence of credible identity system.

“Thus, it was agreed that the scheme would make access to credit easier for low income earners in the society,’’ the Apex bank said.

The CBN had initially put the deadline of BVN registration at June 30 but postponed it to October 31 because of low enrollment.

According to the statement, after 18 month of the exercise, empirical evidence shows that a good number of bank customers are reluctant and have not taken the exercise seriously.

The CBN added, “The emerging statistical trend of the BVN registration exercise shows that there are about 52 million active bank accounts in various banks.

“Out of this, total enrollment stands at about 20 million, out of which about 14 million accounts have been found linked to the BVN as of September, 2015.

“The question now is whether bank customers have been taking advantage of the extension to complete their BVN registration and also ensure that their various bank accounts have been linked to the BVN.”

The statement revealed that after the initial rush from June ending to July, there had been a steady decline in new BVN enrollment figures for August and September.