Commission signs MoU with CBN to take over BVN

The Federal Government, in line with CBN directives, will link the BVN to the National ID card which is currently being issued by the NIMC.

Enrollment hits 20m customers - NIBSS

Reports have surfaced revealing that the National Identity Management Commission (NIMC) will sign a Memorandum of Understanding with the Central bank of Nigeria (CBN) for the NIMC to take over the Bank Verification Number (BVN) scheme.

According to Ventures Africa, the Federal Government, in line with CBN directives, will link the BVN to the National ID card which is currently being issued by the NIMC. This could let users conduct e-payments via their national ID cards.

Other report show that over 56 million Nigerians are currently financially served or included while another 36 million, consisting of mostly women in rural areas, are currently financially excluded.

According to the CBN, although there are currently about 52 million active bank accounts, only 14 million of those have been linked to BVNs out of the 20 million that have undertaken the registration as of September 2015.

As the NIMC is set to take over the BVN process, it has so far managed to register only 7 million Nigerians for e-ID cards, as of August, 2015.

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