NIGERIA:BVN Enrolment Hits 14 Million

The Nigerian Inter-bank Settlement Systems Plc (NIBSS) has revealed that 14 million customers have so far registered on the bank verification number (BVN). This number has been projected to increase to 20 million by the end of this month.

In addition, the aggregate daily mobile transactions in the country has increased significantly to N5 billion, the Central Bank of Nigeria (CBN) also revealed Wednesday.

Speaking at the EuroFinance conference held in Lagos, the Director, Banking and Payment Systems Department, CBN, Mr. Dipo Fatokun urged mobile money operators to focus on the unbanked. Fatokun said: “Some of the operators have not actually identified where they should operate. Some of them are trying to compete with deposit money banks in the cities. Mobile money is not for those that already have bank accounts, there would be no attraction for them except convenience, but if they extend their reach to the rural areas and focus on the unbanked, the volumes would grow.”
He also revealed on the sidelines of the event that the central bank had licenced two telcos as operators of its Super Agent scheme which would be used to target the unbanked sector.

He said: “One of the telcos we gave approval-in-principle has already recruited more than 20 thousand agents. Preparatory to the super-agent structure.”

“We have given this approval to two telcos because they applied for it but if others apply with no objection, we would give them. But apart from the telcos, we are also looking at a situation where companies interested would come up.
“We already have some who are not in the telco business proving super-agent services now. We have about three or four but the licensing regime just started,” he added.

Also  speaking at the conference, the project manager, BVN project, NIBSS, Mr. Seyi Adenmosun said: “As of today, we have about 14 million unique BVN registered customers.  I do not know how many more would register but as June 30 comes, where we used to do an average  400,000 a week, it has shot up to 900,000 per week. I'm sure very soon we would hit 20 million customers.”