Despite the widespread adoption of the Bank Verification Number (BVN) system, experts have raised concerns that millions of Nigerians still lack formal identity, exposing significant gaps in the country’s financial and identification framework.
According to Punch Newspapers, the number of BVN registrations has reached 67.8 million, yet a large segment of the population remains excluded from the formal identity system, particularly in rural and underserved communities.
Industry stakeholders warn that this gap continues to limit access to essential services such as banking, credit facilities, government interventions, and digital financial platforms, which increasingly rely on verified identity systems.
The BVN system, introduced to strengthen banking security and reduce fraud, has improved identity verification within the financial sector.
However, experts argue that it does not fully address broader national identity challenges, especially for individuals outside the formal banking system.
Analysts point to factors such as poverty, limited access to banking infrastructure, low awareness, and documentation barriers as key reasons many Nigerians remain unregistered.
They also stressed the need for stronger integration between BVN and the National Identity Number (NIN) framework to create a more inclusive and unified identity ecosystem capable of capturing a larger share of the population.
Experts further noted that closing the identity gap is critical for economic growth, financial inclusion, and effective policy implementation, as governments and institutions rely increasingly on verified data to deliver services.
The development underscores ongoing challenges in Nigeria’s digital and financial inclusion drive, despite years of reforms aimed at expanding access to identity-linked services.