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CBN records 57 million Nigerians with Bank Verification Numbers, improving banking sector

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Published (Updated) on Tuesday, May 2, 2023

The Central Bank of Nigeria has reported that over 57 million Nigerians now have Bank Verification Numbers (BVN) as of March 2023. In his speech at the 34th Seminar for Finance Correspondents and Business Editors in Calabar, Godwin Emefiele, the Governor of CBN, highlighted that the initiative has continued to positively improve Nigeria's banking sector by easing constraints associated with poor identification of customers.

Emefiele noted that BVN has also helped the industry investigate fraud and other related crimes. He further added that BVN has increased access to credit by Nigerians, supporting the development of credit profiles for banking customers and improving access to credit for credit-worthy borrowers by banks.

With such improvements and increased transparency in the banking system, Nigerian consumers can expect better services and more opportunities in the financial landscape.

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