LATEST figures from the Nigeria Inter-Bank Settlement System (NIBSS) have shown that Bank Verification Number (BVN) enrolments by bank account owners in the country rose by 2.3 million. That’s between January 2022 and April 2022, reaching 54,241,963 on April 17, 2022.
At the end of December 2021, enrolments for the number stood at 51.9 million. Also, NIBSS data showed that active bank accounts in the country stood at 133.5 million as of December 2021.
BVN is a biometric technology with a secure unique identifier to analyse human characteristics as an enhanced form of authentication for real-time security processes.
Across the world, conventional security systems (password and PIN) face regular compromises. Thus, there is a high demand for greater security for access to sensitive or personal information in the banking system.
Nigerian bank customers were first mandated to enroll for a Bank Verification Number (BVN) in February, 2014.
