The Head of Partnership at Moniepoint Inc., Efemena Ogie suggests the use of NIN database to create BVNs for more Nigerians to boost Financial Inclusion

The Head of Partnership at Moniepoint Inc., Efemena Ogie, has suggested that Nigeria’s National Identification Number (NIN) database, which currently has 102.39 million records, could be used to create more Bank Verification Numbers (BVN) to increase financial inclusion in the country.

Speaking at a Fintech Forum organized by the Nigeria Information Technology Reporters Association (NITRA) in Lagos, Ogie pointed out that as of October 9, 2023, only 58.9 million BVNs have been issued, indicating that a significant portion of the population is still financially excluded.

Considering Nigeria’s population of approximately 230 million people, the low BVN coverage suggests that only around 25% of the population has bank accounts.

Ogie proposed that the National Identity Management Commission (NIMC), which manages the NIN database, could collaborate with the Nigeria Inter-Bank Settlement System (NIBSS) to develop an API that would connect NIMC’s NIN data with NIBSS to generate BVNs for Nigerians. This way, individuals with NIN but without BVN could easily obtain one.

However, Ogie highlighted the need to address data privacy issues and obtain consent from individuals before creating their BVNs using their NIN.

He emphasised that data harmonisation and integration among different government agencies could enhance identity management and reduce the duplication of biometric data capture.

Ogie also cited the example of India, where the Aadhaar system, similar to the BVN, has captured nearly 95% of the country’s 1.4 billion population, demonstrating the potential for more comprehensive identity management in Nigeria.

Source: Nairametrics