The Central bank of Nigeria (CBN) has said, as part of its financial inclusion drive, it has set for itself a target of getting 100 million Bank Verification Number (BVN) registrations in the next five years.
This is even as the apex bank revealed that it has successfully linked 38 million accounts with the Bank Verification Numbers. CBN noted that it foresees the increase largely to its partnership with the National Identity Management Commission will also enable integration between the two databases.
“We have set a target of 100 million registrations in five years. What this means is that, we will support an aggressive enrollment of prospective banking customers in the informal sector onto the BVN system,” said Godwin Emefiele as quoted by a national Newspaper.
According to the newspaper, this effort will improve the comfort level on banks in providing services to an expanded customer base and aid in the development of a credit profile for banking customers which will assist in improving access to credit for creditworthy borrowers by banks.