Nigeria’s Bank Verification Number (BVN) database rose to 68.6 million in March 2026, reflecting continued growth in financial identity registration, though at a slower pace compared to previous years.
Latest data released by the Nigeria Inter-Bank Settlement System (NIBSS) shows that the database expanded by 754,128 between January and March 2026, up from 67.8 million recorded at the end of December 2025.
The first-quarter increase signals a moderation in new registrations, especially when compared to the 4.3 million BVNs added in 2025.
Analysts attribute last year’s surge largely to the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which enabled Nigerians in the diaspora to enrol remotely.
With less than one million new registrations recorded so far in 2026, projections indicate that total enrolments this year may fall short of last year’s figures if the current trend persists.
Despite the growth, a significant gap remains between BVNs and bank accounts in the country. NIBSS data indicates that Nigeria had over 320 million active bank accounts as of March 2025, suggesting that a number of accounts may still be unlinked, even though multiple accounts can be tied to a single BVN.
The slowdown in registrations comes as the Central Bank of Nigeria (CBN) introduced a revised BVN regulatory framework in March 2026, tightening controls around enrolment, data access, and fraud monitoring within the banking system.
Under the new rules, BVN registration is now restricted to individuals aged 18 and above, aligning enrolment with legally recognised age requirements.
The apex bank also introduced limits on customer data changes, allowing subscribers to modify the phone number linked to their BVN only once.
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In addition, the revised framework mandates financial institutions to establish temporary watch-lists for BVNs associated with suspected fraudulent transactions.
According to the CBN, affected BVNs can remain on such lists for up to 24 hours, during which customers will be contacted to clarify flagged transactions.
The central bank said the measures are designed to strengthen identity verification, enhance fraud detection, and safeguard the integrity of banking transactions, while ensuring that customers are given the opportunity to resolve issues before further regulatory action is taken.
The policy shift underscores ongoing efforts by regulators to deepen trust in Nigeria’s financial system, even as authorities seek to balance inclusion with tighter security controls.
