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CBN mulls 100m BVN-linked accounts in five years

December 30, 2019
President Bola Tinubu Moves To Greatly Transform Nigeria’s Energy Sector, As Special Adviser To The President On Energy, Olu Verheijen, Wraps Up Very Fruitful Engagements With Chevron, Total, Shell, 12 Other Major International And Independent Oil And Gas Companies Operating In Nigeria – FULL DETAILS

President Bola Tinubu Moves To Greatly Transform Nigeria’s Energy Sector, As Special Adviser To The President On Energy, Olu Verheijen, Wraps Up Very Fruitful Engagements With Chevron, Total, Shell, 12 Other Major International And Independent Oil And Gas Companies Operating In Nigeria – FULL DETAILS

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Petrol Marketers Move For The Price Of Petrol To Urgently Increase From N598 – N617 Per Litre To A Whopping N890 – N900 Per Litre, Due To The Recent And Consistent Fall Of The Naira Against The United States Dollar And Surge In The Price Of Crude Oil In The International Market – MORE SHOCKING REVELATIONS

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Senior Advocate Of Nigeria Suggests That In Future Elections, “INEC Should No Longer Be A Respondent; INEC Should Be An Independent Party, Adds “I Believe That We Should Move The Onus Of Proof In Electoral Cases To INEC. That Singular Act Will Reduce Election Petitions By 50 Percent” – MAKES MORE SOLID ARGUMENTS

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BREAKING: President Bola Tinubu Boasts In New York, Tells Nasdaq Stock Market That “The Greatest Economy Is Nigeria”, Despite Failing To Show Seriousness About Tackling The Incessant Insecurity And Daily Kidnappings Across The Country, Adds “There Is An Immense Opportunity In Nigeria That You Can Invest Your Money Without Fear

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SHOCKING!!! President Bola Tinubu’s APC Federal Government That Claims To Care For Poor Nigerians Describes NLC’s Demand For Increase In Minimum Wage As A “Wage Award” That Nigerian Workers Do Not Deserve, Makes No Effort In Fulfilling All Its ‘Audio’ Commitments To The NLC Over 4 Months – FULL DETAILS

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September 19, 2023
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Sunday, September 24, 2023
Dailyexcessive
  • Home
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    President Bola Tinubu Moves To Greatly Transform Nigeria’s Energy Sector, As Special Adviser To The President On Energy, Olu Verheijen, Wraps Up Very Fruitful Engagements With Chevron, Total, Shell, 12 Other Major International And Independent Oil And Gas Companies Operating In Nigeria – FULL DETAILS

    President Bola Tinubu Moves To Greatly Transform Nigeria’s Energy Sector, As Special Adviser To The President On Energy, Olu Verheijen, Wraps Up Very Fruitful Engagements With Chevron, Total, Shell, 12 Other Major International And Independent Oil And Gas Companies Operating In Nigeria – FULL DETAILS

    Petrol Marketers Move For The Price Of Petrol To Urgently Increase From N598 – N617 Per Litre To A Whopping N890 – N900 Per Litre, Due To The Recent And Consistent Fall Of The Naira Against The United States Dollar And Surge In The Price Of Crude Oil In The International Market – MORE SHOCKING REVELATIONS

    Petrol Marketers Move For The Price Of Petrol To Urgently Increase From N598 – N617 Per Litre To A Whopping N890 – N900 Per Litre, Due To The Recent And Consistent Fall Of The Naira Against The United States Dollar And Surge In The Price Of Crude Oil In The International Market – MORE SHOCKING REVELATIONS

    My Ambition For Now Is Supporting Tinubu To Succeed – Yahaya Bello

    My Ambition For Now Is Supporting Tinubu To Succeed – Yahaya Bello

    Senior Advocate Of Nigeria Suggests That In Future Elections, “INEC Should No Longer Be A Respondent; INEC Should Be An Independent Party, Adds “I Believe That We Should Move The Onus Of Proof In Electoral Cases To INEC. That Singular Act Will Reduce Election Petitions By 50 Percent” – MAKES MORE SOLID ARGUMENTS

    Senior Advocate Of Nigeria Suggests That In Future Elections, “INEC Should No Longer Be A Respondent; INEC Should Be An Independent Party, Adds “I Believe That We Should Move The Onus Of Proof In Electoral Cases To INEC. That Singular Act Will Reduce Election Petitions By 50 Percent” – MAKES MORE SOLID ARGUMENTS

    Retired Justice Of The Supreme Court Begs 10th Senate President To Amend The 1999 Constitution, To Enhance The Functioning Of Courts, Says By Doing So, The Courts And The Judges Will Be “Freed From The Constraints That Impede Their Ability To Fulfil Their Mandate Of Upholding The Rule Of Law, Justice And Democracy”

    Retired Justice Of The Supreme Court Begs 10th Senate President To Amend The 1999 Constitution, To Enhance The Functioning Of Courts, Says By Doing So, The Courts And The Judges Will Be “Freed From The Constraints That Impede Their Ability To Fulfil Their Mandate Of Upholding The Rule Of Law, Justice And Democracy”

    BREAKING: President Bola Tinubu Boasts In New York, Tells Nasdaq Stock Market That “The Greatest Economy Is Nigeria”, Despite Failing To Show Seriousness About Tackling The Incessant Insecurity And Daily Kidnappings Across The Country, Adds “There Is An Immense Opportunity In Nigeria That You Can Invest Your Money Without Fear

    BREAKING: President Bola Tinubu Boasts In New York, Tells Nasdaq Stock Market That “The Greatest Economy Is Nigeria”, Despite Failing To Show Seriousness About Tackling The Incessant Insecurity And Daily Kidnappings Across The Country, Adds “There Is An Immense Opportunity In Nigeria That You Can Invest Your Money Without Fear

    Great Shock As Dangote Petroleum Refinery Gets Exposed For Currently Importing Crude Oil Into Nigeria For Refining, As The Nigerian National Petroleum Company Limited Says That Due To Its Commitment To Sell Crude Oil To Other Entities, It Cannot Provide Products For Dangote Refinery

    Great Shock As Dangote Petroleum Refinery Gets Exposed For Currently Importing Crude Oil Into Nigeria For Refining, As The Nigerian National Petroleum Company Limited Says That Due To Its Commitment To Sell Crude Oil To Other Entities, It Cannot Provide Products For Dangote Refinery

    All Eyes On Rabiu Musa Kwankwaso’s Alleged Romance With APC, As Election Petition Tribunal Sitting In Kano State Cancels Some Votes Of NNPP’s Governor Abba Yusuf, To Announce APC’s Nasiru Gawuna As The Authentic Winner Of The 2023 Kano State Governorship Election By 897,000 To 850,000 Votes

    All Eyes On Rabiu Musa Kwankwaso’s Alleged Romance With APC, As Election Petition Tribunal Sitting In Kano State Cancels Some Votes Of NNPP’s Governor Abba Yusuf, To Announce APC’s Nasiru Gawuna As The Authentic Winner Of The 2023 Kano State Governorship Election By 897,000 To 850,000 Votes

    Court Grants N5m Bail To 69 Suspected Gay Wedding Attendees In Delta State

    Court Grants N5m Bail To 69 Suspected Gay Wedding Attendees In Delta State

    SHOCKING!!! President Bola Tinubu’s APC Federal Government That Claims To Care For Poor Nigerians Describes NLC’s Demand For Increase In Minimum Wage As A “Wage Award” That Nigerian Workers Do Not Deserve, Makes No Effort In Fulfilling All Its ‘Audio’ Commitments To The NLC Over 4 Months – FULL DETAILS

    SHOCKING!!! President Bola Tinubu’s APC Federal Government That Claims To Care For Poor Nigerians Describes NLC’s Demand For Increase In Minimum Wage As A “Wage Award” That Nigerian Workers Do Not Deserve, Makes No Effort In Fulfilling All Its ‘Audio’ Commitments To The NLC Over 4 Months – FULL DETAILS

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CBN mulls 100m BVN-linked accounts in five years

by peter
December 30, 2019
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By Collins Nweze

The Central Bank of Nigeria (CBN) has pledged to increase the figures of bank customers enrolled on the Bank Verification Number (BVN) system from over 40 million to 100 million in the next five years.

According to the CBN Update released recently, the apex bank said increase in BVN enrolment would address the constraint that poor identification has on the availability of credit to prospective banking customers, particularly, those in the informal sector.

According to recent figures released by Nigeria Interbank Settlement Systems (NIBSS), over 40 million active banks accounts are currently linked with BVN and the CBN has pledged to increase the figures within the next five years through its proactive measures.

The BVN project, which captures the uniqueness of every bank customer, is one of the most-innovative projects introduced into the Nigerian financial system in 2014.

With 40 million bank accounts already linked to the BVN, the Bankers’ Committee has also unveiled a new plan that required classification of BVN into two – BVN Premium and BVN Lite.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele, said BVN Premium will cover customers that can provide the 18 basic requirements for a complete BVN enrolment, while the BVN Lite will require minimal documentation like name and phone number for bank customers, especially those in the rural areas that do not meet the full requirements.

This, he said, would enable such grassroots’ customers, mainly the poor, conduct minimal financial services and reduce financial exclusion rate.

The BVN scheme, which gives each bank customer unique identification, is to revolutionise the banking and payment systems while ensuring safety of depositors’ funds.

Read Also: USSD charges: NCC, CBN, telcos, others to parley

The CBN boss said the Bankers’ Committee was collaborating with the Nigerian Communication Commission (NCC) and Mobile Money Operators (MMOs) to ensure that the project succeeds and more Nigerians brought into the financial system.

Emefiele said the Know Your Customer (KYC) scheme would be migrated into the BVN Lite.

“However, there are people who are currently financially excluded, like people in our rural communities that carry phones, but not having financial services. With the collaboration of NCC, we are putting this BVN arrangement to allow them conduct minimal financial services.”

Analysts have seen the new BVN policy as key to bringing more people into the financial services net. The CBN’s policies on mobile money, agency banking, Know Your Customer (KYC), insurance, and, recently, Payment Service Banks (PSBs) expected to take off this year have helped to bring 2.6 million new customers to the financial system.

Emefiele has continued to take steps to deepen banking services in the economy. The hope for Nigeria to achieve 80 per cent financial inclusion rate come the year 2020 received a major boost, when the Enhancing Financial Innovation & Access (EFInA) released its 2018 survey figures. The survey showed that 63.6 per cent of Nigeria’s adult population now has access to financial services and only 36.6 per cent are financially excluded.

EFInA is a non-governmental organisation and a financial sector development organisation funded by the Department for International Development (DFID) and Bill & Melinda Gates Foundation for the promotion of financial inclusion in Nigeria. The outfit conducts surveys every two years to determine the situation of things on financial inclusion in the country.

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