Bvn – InfoStride News

EFCC Reveals 12,000 Youths Trading BVNs and NINs to Fintechs for ₦5,000

Temitope Nlewemchi — Tue, 26 May 2026 13:45:11 +0000

The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials [...]

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Millions of Nigerians still lack identity despite 67.8m BVN — Expert

Temitope Nlewemchi — Wed, 06 May 2026 08:29:03 +0000

Nigerians still remain without a formal identity, raising concerns about financial inclusion, national planning, and access to essential services. This was the position of industry experts who argue that while progress has been made, significant gaps persist in Nigeria’s identity management system. The BVN system, introduced by the Central Bank of Nigeria (CBN), was designed [...]

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Non-Resident BVN Policy to Boost Financial Inclusion

Temitope Nlewemchi — Sun, 10 Aug 2025 13:55:54 +0000

The Central Bank of Nigeria’s (CBN) recently introduced Non-Resident Bank Verification Number (BVN) policy is being tipped by financial experts as a potential game changer in the country’s efforts to deepen financial inclusion and extend banking services to millions of Nigerians living abroad. The initiative, which allows Nigerians in the diaspora to obtain BVNs without [...]

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BVN to Become Mandatory for RSA Holders Starting February – PenCom

Temitope Nlewemchi — Mon, 20 Jan 2025 10:00:02 +0000

The National Pension Commission (PenCom) has announced that the Bank Verification Number (BVN) will be mandatory for all Retirement Savings Account (RSA) holders starting February. This move is aimed at enhancing data integrity, improving the efficiency of pension administration, and safeguarding contributors’ funds. In a statement, PenCom emphasized that the integration of BVNs into the [...]

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Unlocking Financial Inclusion: Empowering Nigeria through NIN – Efemena Ogie

Temitope Nlewemchi — Sun, 29 Oct 2023 22:49:31 +0000

Efemena Ogie, the Head of Partnership at Moniepoint Inc., believes that Nigeria’s National Identification Number (NIN) database, with 102.39 million entries, holds the potential to significantly expand the number of Bank Verification Numbers (BVNs) in the country, thereby increasing financial inclusion. Ogie made these remarks during a Fintech Forum organized by the Nigeria Information Technology [...]

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CBN issued directive that BVN violators would be sanctioned

Temitope Nlewemchi — Sun, 17 Oct 2021 22:06:34 +0000

The Central Bank of Nigeria has established in its revised regulatory framework for Bank Verification Number operations that violators will be sanctioned. This was made known in a circular titled “Issuance of the revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry”, and addressed to all deposit money [...]

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