Following the push by the Central Bank of Nigeria (CBN), Bank Verification Number (BVN) enrolments in Nigeria rose to 67.8 million by December 2025, reflecting sustained expansion of the biometric identity database underpinning the country’s banking system.
The figures, released by the Nigeria Inter-Bank Settlement System (NIBSS), show an increase from 63.5 million in 2024—an addition of more than 4.3 million new registrations within one year—highlighting continued uptake of biometric identification in financial services.
Five-year data from NIBSS indicate steady annual growth in BVN registrations:
- 2021: 51.9 million
- 2022: 56.0 million
- 2023: 60.1 million
- 2024: 63.5 million
- December 2025: 67.8 million
The 2024–2025 increase represents an estimated 6.8 per cent year-on-year growth, sustaining the BVN database’s upward trajectory amid broader financial inclusion efforts.
Analysts attribute the rise largely to regulatory measures and policy interventions by the Central Bank of Nigeria (CBN). Key drivers include the CBN’s directive to freeze bank accounts without BVN and National Identification Number (NIN) from April 2024, which prompted many customers to regularise their banking identities to maintain access to accounts.
Another major factor is the rollout and expansion of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely. The scheme has reduced physical barriers to enrolment and strengthened cross-border financial participation, while supporting the CBN’s broader financial inclusion agenda.
The additional 4.3 million BVNs recorded in 2025 point to stronger compliance with biometric identity requirements and indicate that nearly 70 million Nigerians are now formally linked to the banking identity infrastructure.
Industry experts note that the expansion supports improved fraud prevention and risk management, stronger anti-money laundering (AML) and know-your-customer (KYC) compliance, and wider access to financial services, particularly for previously under-served populations.
However, the BVN figure still trails the total number of active bank accounts in Nigeria, which exceeded 320 million as of March 2025. This gap reflects the prevalence of multiple accounts linked to single BVNs, as well as pockets of bank customers yet to complete enrolment.
Introduced as a unique biometric identifier, the BVN links all a customer’s bank accounts and is designed to curb identity-related fraud while enabling seamless verification across financial institutions. Its continued growth underscores both regulatory pressure and increasing adoption of digital identity systems across the country.
