The use of Bank Verification Number (BVN) in linking customers’ account, seems to have been making great strides as the statistics obtained from the NIBSS website on Sunday, showed that the total number of Nigerian banks customers dropped from 61 million in 2016 to 59 million in 2017.

It also showed that the linked BVN accounts grew from 26 million in 2016, to 41.3 million in 2017. Confirming the report, a banking industry source disclosed that the reduction in banking customers is not unconnected to the Federal Government’s declaration to fight against corruption.

WHEN BUHARI ASSUMED OFFICE, MANY PEOPLE ABANDONED THEIR ACCOUNTS, ESPECIALLY CIVIL SERVANTS BECAUSE OF FEAR OF INVESTIGATION. WHILE SOME OUT RIGHTLY CLOSED DOWN THEIR ACCOUNTS, OTHERS OPTED FOR GRADUAL WITHDRAWAL SO AS NOT TO RAISE ALARM,’’ THE SOURCE SAID.  

Though the banking industry source blamed the BVN for the low patronage of banking products, especially in the rural areas where awareness was already very low, however a bank customer, Olaitan Alagbe told NAN that she closed some of her accounts due to unnecessary and illegal charges by banks.

“FIRST OF ALL, THE INTEREST RATE IS NEXT TO NOTHING, SO THERE IS LITTLE REASON TO KEEP YOUR MONEY AT THE BANK WHEN YOU CAN TURN IT OVER DOING OTHER BUSINESSES,” SHE SAID.

Another bank customer who spoke to NAN correspondent, said she was forced to close down the bank accounts she opened, following the Ponzi schemes which crashed in late 2016 and early 2017.

A source at the CBN told NAN that the reduction in the number of Nigerian banks customers, was caused mainly by the introduction of BVN.

"The reduction may not necessarily be a bad thing. For example, many people opened accounts using different variations of their names. A person bearing Musa Salisu Mohammed, may have other accounts as Salisu Mohammed or Musa Salisu. So with the introduction of BVN, such customers were forced to regularise their names, however, some opted to close down their accounts, which resulted in the reduction of active bank accounts and customers," the source said.

News via: http://www.lekzyloaded.com.ng/others/nigerian-banks-lost-2million-customers-2-years-nibss

Cc: Lalasticlala mynd44 Dominique

naija banks are just making money left right and centre

yet they will still come to my small account and be deducting small small money every time. The worst is whenever I report they will refund the money back but if I keep quiet it will go like that. The last time was my atm card charges they continue giving double monthly card charges cos I requested for a new valve card to replace my old visa card which they did but be sending me card charges for both the valve card and visa card which am not using again (they took it and pamphlet it in their office)this happened for 3 months. I complain to them and they stop charging me if not till now they will be taking the N56 every month.u will have account balance of N5345.45k the next thing u will see is N5345.00k .....the 45kobo will disappear.

NB- U must be in cashless and less busy mood to notice all this which many bank customers are not in