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Nigeria Hits 41.8m ATM Cards

The number of Automated Teller Machine (ATM) cards so far issued by commercial banks in Nigeria has hit 41.89 million.
These include the Chip and PIN ATM card brands from indigenous Verge, MasterCard and Visa. This was contained in the country’s latest electronic payment fact sheet released by the Nigerian Interbank Settlement System (NIBSS), according to , New Telegraph.
According to the NIBSS report, total number of ATMs in Nigeria’s as at March 2016 stood at 16,660, total number of active cards 41.89 million; while the volume and value of ATM transactions between January and March, 2016, stood at N0.12 billion and N1.07 trillion respectively.” Also, on mobile money operations in first quarter, the report said that total number of customers as at March 2016 stood at 29.13 million; total number of agents enrolled was 106,636, transaction volume within the quarter seated at 14.09 million, while transactions value averaged N0.14 trillion.


Till date, the Central Bank of Nigeria (CBN) has licensed 21 mobile money operators (MMOs), with all of them already integrated to NIBSS platform for Interoperability, the report said. Meanwhile, the NIBSS report has also indicated that Nigerian banks have issued over 24 million Bank Verification Numbers (BVNs) to their customers as at end of March, this year.

According to the study, while over 30.1 million account holders had enrolled for the BVN, only 24 million had received their verification numbers.

The number of enrolled bank customers, thus, represents about 34.7 per cent of the total 86.5 million banks accounts opened by government, corporate and individuals with various banks in the country.

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Executive Director, Technology and Operations, NIBSS, Mr. Niyi Ajao, said the purpose of the project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer’s identity at point of transactions. He said the BVN exercise would also provide a uniform industrially accepted unique identity for bank customers, to authenticate transactions without the use of cards using only biometric features and Personal Identity Number (PIN) identification of blacklisted customers.

According the NIBSS, starting from January 2015, 2.2 million accounts were enrolled; 2.7 million in February; 3.3 million March and by April, May and June, the figures have increased to 7.7 million; 9.2 million and 12.4 million respectively. In July, August and September, the figure rose to 12.7 million; 13.7 million and 14. 5 million accounts while in the last quarter of the year, 16.3 million accounts were enrolled in October; 21.2 million in November and in December, the figure stood at 28.2 million. However, in the first quarter of this year, the number of enrolled bank accounts for BVN further increased to well over 32.1 million.

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