BVN Enrolment Hits 68.6 Million as Growth Slows – NIBSS

BVN Enrolment Hits 68.6 Million as Growth Slows – NIBSS

Nigeria’s Bank Verification Number (BVN) database rose to 68.6 million in March 2026, according to the Nigeria Inter-Bank Settlement System (NIBSS), signalling continued adoption of the biometric identification system despite a noticeable slowdown in new registrations.

The latest figures show that BVN enrolment increased by about 754,000 between January and March 2026, compared to the 67.8 million recorded at the end of 2025. The growth rate is significantly lower than the 4.3 million new registrations achieved in 2025, largely driven by the Non-Resident BVN (NRBVN) initiative, which enabled Nigerians in the diaspora to enrol remotely.

Analysts warn that if the current trend persists, total BVN registrations for 2026 may fall short of last year’s performance.

Despite the steady rise in enrolment, a substantial gap remains between the number of BVNs and bank accounts in the country. Data indicates that Nigeria had over 320 million active bank accounts as of March 2025, far exceeding the total number of BVNs. While a single BVN can be linked to multiple accounts, experts believe a significant number of accounts may still not be connected to any BVN, raising concerns about compliance and financial transparency.

In response, the Central Bank of Nigeria (CBN) has introduced new guidelines aimed at strengthening the BVN framework, enhancing security, and curbing fraudulent activities within the banking system.

Under the revised rules, only individuals aged 18 and above are eligible to register for a BVN. Customers are also restricted to changing the phone number linked to their BVN only once, a measure designed to limit identity manipulation. Additionally, banks are mandated to intensify monitoring of suspicious transactions.

A key feature of the updated framework is the introduction of a temporary watchlist system. BVNs linked to suspicious transactions will be flagged for up to 24 hours, during which the account holder will be contacted to provide clarification. The measure is expected to enable quicker detection of potential fraud while allowing legitimate customers to resolve issues promptly.

The BVN, a unique biometric identification number, serves as a unified identity for bank customers across Nigeria’s financial system. It links multiple accounts owned by an individual and plays a critical role in safeguarding the sector against fraud.

Stakeholders say the continued expansion of the BVN database reflects stronger regulatory oversight and growing acceptance of digital identity systems, even as efforts intensify to bridge the gap between bank account ownership and BVN linkage.

BVN Enrolment Hits 68.6 Million as Growth Slows – NIBSS