Bank customers shun BVN registration as deadline looms

Posted by News Express | 27 April 2015 | 4,953 times

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Indications have emerged that banks have recorded low registration as active accounts linked with Bank Verification Number (BVN) are only 7per cent, even after a year the project, which was jointly embarked upon by the Central Bank of Nigeria (CBN) and the Nigeria Inter Bank Settlement System (NIBSS) had commenced.

The registration is billed to close at the end of June 2015.

The Bankers Committee, comprising the CBN and Chief Executives Officers of commercial banks in the country have expressed concern over the reluctance of bank customers towards applying for BVN.

A NIBSS’ document on industry analysis of BVNs linked to bank accounts, which was exclusively obtained by the Newwatch Times, listed 23 banks with 48,389,614 active accounts and, only 3,340,962 accounts were linked with BVN; representing only 7 per cent registered in the industry so far.

The only bank that recorded zero (0) percent of customers’ accounts linked with BVN was Aso Savings with an active account of 33,951, Unity Bank Plc had 0.58 per cent showing that 4,709 of 866,647 active accounts enrolled.

Further breakdown shows that Guaranty Trust Bank recorded that highest number of customers enrolled on the scheme as 993, 053 out of 5,851,934 active accounts have registered, representing 17 per cent of the total number. First Bank with 448, 913 enrolled out of 8,242,335, translates to five per cent of its active customers; Stanbic IBTC has 312,402 out of 839, 347 active accounts, representing 37 per cent; Access Bank recorded 231,034 of 3, 445,218, representing seven per cent compliance. Fidelity Bank has 185, 052 out of 1,982,287 active accounts, representing nine per cent; FCMB has 153,101 out of 1,329,432, representing 12 per cent of active accounts registered.

United Bank for Africa (UBA) has 38, 672 accounts verified out of 4,027,151; Ecobank, 89,385 of 6,668,070 and Keystone Bank 10,935 of 824,531 as the three banks recorded only 1per cent respectively. Citi Bank with 1,610 active accounts has 1,101 (68 per cent) accounts linked with BVN, recording the highest percentage. Standard Chartered Bank has 23,566 out of 109,830, representing 21 per cent compliance; Wema Bank has 108, 662 out of 582, 367, representing 19 per cent; Heritage Bank 2,485 of out 20,486 (12 per cent). MainStreet Bank 29,083 account holders enrolled out of 351,056, Sterling Bank 84,041 of 1,068,425 and Zenith Bank 199,179 of 2, 597,362 active accounts, as the trio recorded 8 per cent.

The duo of Union Bank and Skye Bank recorded six per cent, as the data from NIBSS shows that the former had 129,053 of 2,062, 356 and the later recorded 94,179 accounts linked with BVN out of 1,618, 144 active accounts. Diamond Bank and Jaiz Bank recorded four per cent respectively, with Diamond Bank having 171,822 accounts linked with BVN out of 4, 348, 730 and Jaiz 3,980 of 93,223 active accounts and Enterprsie Bank- 30,264 of 1,486,029, representing two per cent of accounts linked with BVN.

Adapted from Newswatch Times. Photo shows CBN Headquarters.

Source: News Express

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