BVN Enrolments Hit 67.8 Million in 2025 as CBN Initiatives Drive Surge

Bank Verification Number (BVN) enrolments in Nigeria climbed to 67.8 million by December 2025, reflecting sustained growth in the country’s biometric identity system and underscoring the impact of regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening financial inclusion and security.

Fresh data released by the Nigeria Inter-Bank Settlement System (NIBSS) shows that the BVN database expanded by more than 4.3 million registrations in 2025, up from 63.5 million recorded at the end of 2024. The increase represents a year-on-year growth of about 6.8 per cent and highlights the continued uptake of biometric identification across Nigeria’s banking sector.

The latest figures confirm a steady upward trend in BVN enrolment over the past five years. Records show that enrolments stood at 51.9 million in 2021, rose to 56.0 million in 2022, increased further to 60.1 million in 2023, and reached 63.5 million in 2024 before peaking at 67.8 million by December 2025. Analysts say the consistency of the growth reflects deeper penetration of formal banking services and increasing compliance with identity verification requirements.

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Industry observers attribute the 2025 surge largely to targeted policy interventions by the CBN and coordinated implementation across the financial system. One of the most significant drivers was the CBN directive mandating banks to freeze accounts not linked to a BVN and National Identification Number (NIN) from April 2024. The policy prompted millions of customers to regularise their records in order to retain uninterrupted access to banking services.

Another major contributor was the expansion of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to enrol for BVNs remotely without visiting physical bank branches in Nigeria. The initiative removed longstanding logistical barriers for overseas Nigerians and helped draw more participants into the formal financial system. Regulators have described the NRBVN as a critical tool for boosting diaspora engagement and mobilising cross-border financial flows.

The growing BVN database is widely seen as central to Nigeria’s efforts to strengthen the integrity of its financial system. Experts note that wider BVN coverage improves fraud prevention, enhances risk management by financial institutions, and reinforces anti-money laundering and know-your-customer frameworks. By uniquely identifying customers across multiple banks, the system reduces identity-related crimes and simplifies verification processes.

Beyond security, the expansion also signals progress on financial inclusion. With nearly 70 million Nigerians now linked to a biometric banking identity, more citizens are able to access credit, savings, digital payments and other formal financial services, particularly those previously excluded or underserved.

However, the data also highlights lingering gaps. Despite the growth in BVN enrolments, the total still falls far short of the number of active bank accounts in the country, which exceeded 320 million as of March 2025. The disparity points to the prevalence of multiple accounts linked to single BVNs and suggests that some banked individuals remain unenrolled.

A BVN is a unique biometric identification number issued to bank customers to link all their accounts across Nigerian banks. Introduced as a cornerstone of Nigeria’s financial infrastructure, it is designed to protect customers from unauthorised access while enabling seamless identity verification across the banking system. Its continued growth reflects both regulatory pressure and rising adoption of digital identity tools nationwide.