According to Kantar TNS, the total number of enrolled BVN (bank verification number) users, in Nigeria, is close to 35 million as at September 2018. The implication is that we have 35 million people with bank accounts in a country of 200 million people.
This old video provides the distribution by state when the total BVN number was around 30 million BVN enrollees (numbers as at 2017 Kantar Fintech Summit, Aug 2017). There was also a case study on MMM, the ponzi scheme. Mr. Adebisi Shonubi, the Managing Director of the Nigeria Interbank Settlement System (NIBSS), the organization that makes it possible for Nigerian banks to cross-serve customers (think of using ATM of another bank), provided the numbers including the distribution by states. Kano has about 6% bank penetration rate while Katsina is at 4%. But Lagos has already hit 50%.
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Do you have a link for the distribution of bvn number registration by states? I think this is a more important metric for market size than population size.
watch the short video – that is all we have. Of course, NIBBS has all the details
Thank you for the question,that’s why I am here. This is the type of information that can be used for planning.
NIBSS has that data – with BVN enrollment broken by states. That is how they have estimated the BVN penetration by state