With over 66 million Nigerians enrolled in the Bank Verification Number (BVN) system, the Central Bank of Nigeria (CBN) has introduced the Customers’ Bill of Rights to safeguard bank users and strengthen consumer trust in the financial system.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), BVN enrollment stood at 66.23 million as of July 2025, with efforts underway to increase the numbers. The BVN, an 11-digit unique identifier for each individual across the banking industry, is mandatory for owning and operating a bank account in Nigeria.
The CBN, at its recently held ‘CBN Fair’ in Lagos, unveiled the Customers’ Bill of Rights, a document outlining the rights and responsibilities of bank customers. The framework seeks to enhance consumer protection, boost financial literacy, and encourage the use of alternative payment channels.
The apex bank stated that the initiative is part of its commitment to deepen financial inclusion and improve transparency in banking operations, ensuring customers are aware of their entitlements as well as obligations when engaging with financial institutions.
Industry analysts believe this move will strengthen public confidence, reduce disputes between banks and customers, and promote safer digital transactions.
