Nigeria’s Bank Verification Number (BVN) database rose to 68.6 million in March 2026, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
This increase shows that more Nigerians are registering to link their bank accounts, although the pace of growth has slowed compared to previous years.
At the end of 2025, the BVN database stood at 67.8 million, meaning only about 754,000 new registrations were recorded between January and March 2026. This is significantly lower than the 4.3 million registrations recorded in 2025, which were largely driven by the Non-Resident BVN (NRBVN) initiative that allowed Nigerians in the diaspora to enroll remotely. If this slower trend continues, total BVN registrations in 2026 may fall below last year’s figures.
Despite the growth, there remains a wide gap between BVNs and bank accounts. As of March 2025, Nigeria had over 320 million active bank accounts, far more than the number of BVNs.
While one BVN can be linked to multiple accounts, analysts believe many accounts may still not be connected to any BVN.
The Central Bank of Nigeria (CBN) recently introduced new BVN guidelines aimed at improving security and reducing fraud.
Under the new rules, only individuals aged 18 and above can register for a BVN, and customers are allowed to change the phone number linked to their BVN only once. Banks are also required to strengthen monitoring of suspicious transactions.
As part of the updated framework, BVNs linked to suspicious transactions will be placed on a temporary watchlist for up to 24 hours. During this period, the account holder will be contacted to explain the transaction.
This approach is designed to help banks quickly detect potential fraud while giving customers an opportunity to clarify any issues.
A BVN is a unique biometric identification number used to identify bank customers across Nigeria’s banking system.
It links all accounts owned by an individual and helps protect against fraud. Its continued growth reflects stronger regulations and increasing adoption of digital identity systems in the country.
