The economic state of affair in the country has an adverse effect on the middle class of the population. on average a middle class Nigerian lives from paycheck to paycheck, finding it difficult to indulge and satisfy wants, like buying a new in-demand smart phone or a new TV or the latest sound-system or a washing machine and fridge freezer which are the hallmarks of the middle class. This is most especially difficulty in a country where each individual is responsible for his or her own well-being due to poor infrastructures and a bad government system, on average an individual is responsible for their power, security, healthcare, transportation, access to portable water among others, with a salary between 70k and 150k, this in turn can have an overwhelming effect on savings and monthly pay checks. Hence the need for consumer financing on consumer products, enabling customers to paytwice or more on electronics, phones etc. The point is that we are not doing at the level at which we should be doing it as a nation given our population. The reason is not far fetched, in Europe or America, there is the unique number. In the United States, everything revolves around the driver’s licence “In Europe, there is the social security number. But we don’t have a standardized identification system in this country. but there is hope with the introduction of the Bank Verification Number (BVN) this would help to improve consumer financing. Every bank customer is expected to be enrolled on the BVN. So, once the issue of identity is resolved consumer financing can run smoothly. merchants being sure of a customers identity can easily allow customers to paytwice or more . According to experts, the BVN would also address issues around safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the country. It is a number that enables one person to have a single identity in the banking system. It basically ensures that a customer’s identity is not stolen. It has been described as a ‘silverbullet solution’ to many of the challenges in the banking industry.