The Bank Verification Number (BVN) which has become a very important requirement before any account is opened and maintained was introduced to properly identify account owners and also, checkmate and reduce fraud-related issues in the banking industry.
As of March 31, 2023, a total number of 57,431,355 BVN accounts have been created and enrolled and have continued to feature prominently in the bank’s Know Your Customer (KYC) requirements.
In April, the CBN announced plans to initiate the removal of all accounts not associated with any BVN from the financial system.
