The total number of issued Bank Verification Numbers rose to 57.96 million as of July 3, 2023, according to data obtained from the Nigeria Inter-Bank Settlement System, NIBSS.

This was as the Central Bank of Nigeria planned to close bank accounts without BVNs.

According to the NIBSS, the increasing incidents of compromise on conventional security systems had increased the demand for greater security for access to sensitive or personal information in the banking system.

It stated that in recent times, biometric technologies have been used to analyze human characteristics as an enhanced form of authentication for real-time security processes.

It stated that BVN gave a unique identity that could be verified across the Nigerian banking industry and ensured that customers’ bank accounts were protected from unauthorized access.