Nigeria’s Bank Verification Number (BVN) database has grown to 68.6 million as of March 2026, according to the Nigeria Inter-Bank Settlement System.
However, the latest figures point to a slowdown in new registrations, coming just weeks after the Central Bank of Nigeria introduced stricter regulations governing enrolment and usage.
Data from NIBSS shows that BVN registrations increased by 754,128 between January and March 2026, up from 67.8 million recorded at the end of 2025.
This represents a slower pace compared to 2025, when 4.3 million new BVNs were added, largely driven by the Non-Resident BVN (NRBVN) initiative, which enabled Nigerians in the diaspora to enrol remotely.
With fewer than one million new registrations recorded in the first quarter, analysts expect total enrolments in 2026 to fall below last year’s figures.
Despite the steady growth, a significant gap remains between BVN registrations and bank accounts.
NIBSS data shows Nigeria had over 320 million active bank accounts as of March 2025, suggesting many accounts are either linked to a single BVN or remain unverified.
The slowdown comes amid a revised BVN framework introduced by the CBN in March 2026, aimed at strengthening identity verification and reducing fraud.
Key changes include:
- Restricting BVN enrolment to individuals aged 18 and above
- Limiting customers to a one-time change of their registered phone number
- Introducing a temporary watch-list for BVNs linked to suspicious transactions
Under the new guidelines, any BVN flagged for suspected fraud can be placed on a watch-list for up to 24 hours while the account holder is contacted to clarify the transaction.
The CBN said the measures are designed to improve fraud monitoring, enhance identity management, and protect the integrity of Nigeria’s banking system.
The BVN remains a cornerstone of Nigeria’s financial infrastructure, providing a unique biometric identity that links all of a customer’s bank accounts and helps prevent unauthorised access.
While growth continues, the latest data suggests the system may be entering a more regulated phase—where quality, security, and compliance take precedence over rapid expansion.
