Total BVN Enrolment hits 57.4m
The Central Bank of Nigeria(CBN) has disclosed that the total enrolment of Bank Verification numbers(BVN) has hit 57,431,355 as at March 2023.
CBN Governor Mr Godwin Emefiele stated this in his keynote address at the ongoing 34th Seminar for Finance Correspondents and Business Editors, holding in Calabar, Cross River State.
The CBN boss who was represented by the Director, of Monetary policy Department, Dr. Mahmud Hassan said the BVN is supporting the development of credit profiles for banking customers, which will assist in improving access to credit for credit-worthy borrowers by banks.
He noted that the BVN has also helped the industry in investigating fraud and other related crimes.
According to him, there are challenges faced by the Bank in implementing these initiatives, which include but not limited to weak social infrastructure, adding that effective operation of payment platforms is highly reliant on stable telecommunication networks and power infrastructure.
He said these developments are currently not optimal in Nigeria, thus, impacting the stability and resilience of the payments system.
He added that the activities of Unlicensed entities have continued to exploit access to information technology to engage in regulated activities without the appropriate licenses and authorisation.
He also informed that the activities of fraudsters continue to threaten the resilience of the payment platforms, just as the confidence of the public is impacted by these activities, hinting that the collaborative effort between the Central Bank of Nigeria and other players in the industry is helping to curtail the nefarious activities of these fraudsters.
In response to the challenges posed by cyber threats, he said the CBN has put the following initiatives in place:
The Nigeria Electronic Fraud Forum (NeFF): consists of all relevant stakeholders, to proactively address challenges and safeguard the integrity of the e-payment channels.
Speaking further on the Nigeria payment system landscape, he said it has particularly continued to record significant changes and development.
” We are all witnesses to the transformation that has taken place in the Nigeria payment system in the last decade. From heavy reliance on cash and daily visits to brick-and-mortar banks, we are now in a largely cash-less era, a project that commenced since 2012″.
“As a deliberate policy towards ensuring easier, cheaper and faster means of payments, the CBN has continued to collaborate with relevant stakeholders in the adoption of payment system instruments and channels, such as, the Bank Verification Number (BVN), the Real Time Gross Settlement System (RTGS), Regulatory Sandbox, Open Banking and the CBN Digital Currency (CBDC), the eNaira. Nigeria is currently the first country in the Continent and second in the world to have fully launched a live CBDC”.
He however 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, stressing that it is also important for ensuring a stable, safe and efficient financial system in Nigeria.
While taking cognisance of the implications of the risks that accompany digital innovations and technological advancement globally, he said the Central Bank of Nigeria, 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.
