BVN enrollments hit 67.8m in 2025, an increase from 63.5m in 2024

Nigeria’s banking identity network continues to expand. By the end of 2025, 67.8 million individuals had registered their Bank Verification Numbers (BVN), according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This represents a 4.3 million increase from 2024, when registrations totalled 63.5 million.

BVNs link all of a person’s bank accounts across different financial institutions, serving as a unique biometric ID that protects customers and helps banks manage risks. Registration has steadily increased over the past five years:

• 2021: 51.9 million
• 2022: 56.0 million
• 2023: 60.1 million
• 2024: 63.5 million
• 2025: 67.8 million

The rise shows that more Nigerians are adopting digital identity tools, prompted by both convenience and regulation.

The push behind the numbers

A major driver is policy enforcement from the Central Bank of Nigeria (CBN). In April 2024, the Central Bank of Nigeria (CBN) ordered that bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) be frozen. This move encourages customers to register so they can keep access to their accounts.

Also read: CBN launches NRBVN to streamline BVN enrollment for non-resident Nigerians; See how to apply here

A key factor is the Non-Resident BVN (NRBVN) initiative. This program allows Nigerians living abroad to register from anywhere. It removes the need to be physically present and helps more people participate in the financial system, even across borders.

These measures aim to integrate more Nigerians into the formal financial system and strengthen the country’s banking infrastructure.

Building trust and security in banking

The expanding database is more than just a statistic. It enhances fraud prevention, anti-money laundering efforts, and compliance with know-your-customer regulations across banks. For consumers, it guarantees that their accounts are connected and verified, making digital banking safer and more trustworthy.

For banks, the expansion enhances risk management and simplifies verification processes, especially for businesses operating multiple accounts or handling large transaction volumes.

Nigeria had over 320 million active bank accounts as of March 2025. This number includes multiple accounts that may share a Bank Verification Number (BVN), and some customers still haven’t registered. It is important to close this gap to make the banking system stronger.

The increase in BVN (Bank Verification Number) registrations underscores the growing dependence on digital identity tools within Nigeria’s financial ecosystem. As compliance requirements continue to rise and more individuals from the diaspora get involved, the BVN system is becoming a crucial foundation for financial trust and inclusion across the country.

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