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 Reporters Association (NITRA) in Lagos. He pointed out that as of October 9, 2023, only 58.9 million Nigerians have BVNs, indicating that a substantial portion of the population remains financially excluded.
With Nigeria’s population estimated at around 230 million, the current BVN figures imply that only approximately 25% of the population has access to formal banking services. Ogie sees a solution in utilizing the NIN database managed by the National Identity Management Commission (NIMC) to create more BVNs for Nigerians, providing them with the means to access financial services.

Ogie explained the process at the forum, which had the theme “Harnessing Nigeria’s Fintech Potentials: Challenges and Opportunities.” He stated:
“NIMC, as of August, has registered over 102 million Nigerians for the NIN, while the banking sector has only about half of that number with BVNs. NIMC already possesses this data, so what the custodian of the BVN, the Nigeria Inter-Bank Settlement System (NIBSS), needs to do is develop an API that can connect to NIMC to replicate the NIMC data with NIBSS.
“This means that if you have an NIN but don’t have a BVN, I can generate a BVN for you using your NIN. There is a data privacy aspect to this. To access your BVN, all you need to do is dial a specific code to provide your consent, and once you do, you will have your BVN.”
The Need for Data Harmonization
Ogie emphasized that poor identity management remains a significant challenge in Nigeria’s fintech sector. He stressed the importance of harmonizing the fragmented data held by various government agencies to provide individuals with a unified and efficient means of identity verification.
He stated, “We have the BVN, the NIN, the Driver’s License database, passports, and more. If I apply for a driver’s license, they capture my biometrics. If I want a passport, they capture my biometrics, NIN, and BVN again. We need to start thinking about harmonizing this data. When we have an integrated, harmonized data system, it will simplify processes.
“For instance, if I want a passport, I should only need to provide my NIN, and that should suffice for obtaining the passport, the same goes for a driver’s license. We should aim for a system where individuals don’t have to go through repetitive biometric capture processes.”
India as a Model for Comprehensive Identity Management
Ogie used India as an example of a country with a comprehensive identity management system. India’s Aadhaar system, similar to Nigeria’s BVN, has captured the details of nearly 95% of its 1.4 billion population. This comprehensive approach to identity management has made it easier for Indians to access various government and financial services with a single unique identifier.
As Nigeria seeks to enhance its identification processes and improve financial inclusion, lessons from countries like India provide valuable insights into how to create efficient and effective identity management systems.
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