Nigeria’s Bank Verification Number (BVN) database has grown to 68.6 million as of March 2026, according to newly released data by the Nigeria Inter-Bank Settlement System (NIBSS).
The figure, however, signals a slowdown in new registrations compared with previous years, following the Central Bank of Nigeria’s (CBN) introduction of stricter BVN rules last month.
Data from NIBSS shows that the database rose by 754,128 between January and March 2026. In 2025, a total of 4.3 million BVNs were registered, largely driven by the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to register remotely.
Despite the growth, analysts warn that with fewer than one million new BVNs recorded in the first quarter, the year’s total may fall below past records. “While a single BVN can be linked to multiple accounts, there remain unlinked accounts in the system, indicating further room for adoption,” the spokesperson added.
The CBN recently unveiled a revised BVN regulatory framework aimed at tightening fraud monitoring and improving identity management.
In a circular dated March 12, 2026, the apex bank said: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.”
The circular further explained: “A BVN may remain on this temporary watch-list for a maximum period of twenty-four (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
The revised rules also impose a stricter age requirement for BVN registration, limiting enrollment to individuals aged 18 and above. Additionally, customers will now be allowed to change the phone number linked to their BVN only once.
“These measures are aimed at strengthening identity verification and safeguarding the integrity of banking transactions,” the CBN stated.
With the first quarter of 2026 showing slower growth, industry analysts say it remains crucial for banks and regulators to close the gap between active accounts and registered BVNs to further enhance financial security.
