Business
Number of Verified BVN Holders in Nigeria Hits 65 Million, Reports NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has reported that the number of verified Bank Verification Number (BVN) holders in Nigeria has reached 65 million as of August 15, 2024. This milestone underscores NIBSS’s pivotal role in advancing Nigeria’s financial sector and driving digital transformation.
Introduced by the Central Bank of Nigeria (CBN) in 2014, the BVN system aims to reduce fraud and enhance security in banking by providing a unique biometric identifier for bank accounts. The system has seen significant growth since its launch, now covering a substantial portion of Nigeria’s banked population.
From April to July 2024, BVN registrations increased from 61.47 million to 62.7 million, adding over 854,000 new accounts. By August, the total number of verified BVN holders had surged to 65 million, marking a growth of over 4 million in 2024 alone.
Premier Oiwoh, Managing Director and CEO of NIBSS, attributed this growth to ongoing technological advancements and innovations. “NIBSS was established to provide service-oriented solutions addressing key financial sector challenges. Our modernization efforts have been crucial in achieving this significant milestone,” Oiwoh stated.
Despite this progress, concerns remain about the 40% of Nigerians who are still financially excluded. The Enhancing Financial Innovation and Access (EFInA) 2023 survey indicates that many Nigerians, particularly in rural areas, continue to face barriers to accessing formal banking services due to low financial literacy and mistrust of banking institutions.
Kurfi Garba, Managing Director of APT Securities, noted that financial literacy remains low and cultural mistrust deters many from engaging with traditional banks. He highlighted a growing demand for alternative financial services like mobile wallets and payment service banks, which may help bridge the financial inclusion gap.
Chinwe Egwim, former Chief Economist at Coronation Merchant Bank, emphasized the need for a comprehensive approach to enhance financial inclusion. She advocated for improved financial literacy, greater trust in banking institutions, and robust cybersecurity measures to protect the BVN database and reassure users.
Egwim also stressed the importance of public education to promote BVN registration and safeguard against fraud. Addressing these issues effectively will help Nigeria leverage the BVN system’s benefits and move towards a more inclusive and secure financial ecosystem.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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