CBN Reforms Drive Surge In BVN Registration
By FIDELUS ZWANSON
Financial Inclusion and Diaspora Angle
Nigeria Records 4.36 Million New BVNs in One Year — NIBSS
NIGERIA added 4.36 million new Bank Verification Numbers between December 2024 and December 2025, pushing total enrollment to 67.84 million, according to the latest figures from the Nigeria Interbank Settlement System (NIBSS). The increase represents a 6.87 per cent year-on-year growth in biometric banking identities.
The BVN system, launched in 2014 by the Central Bank of Nigeria and key industry stakeholders, assigns a unique 11-digit number to each bank customer after biometric capture. The scheme was introduced to reduce fraud, improve transparency and provide a reliable form of identification for millions of Nigerians.
Recent growth has been reinforced by regulatory actions compelling banks, payment service providers and mobile money operators to freeze transactions on funded accounts lacking BVN or NIN details. These measures, fully enforced by early 2024, significantly expanded compliance across the financial sector.
In May 2025, the CBN and NIBSS further widened access by unveiling the Non-Resident BVN (NRBVN) platform. The initiative allows Nigerians in the diaspora to obtain BVNs remotely, eliminating the need for physical verification within the country. CBN Governor Olayemi Cardoso described the platform as a strategic step toward strengthening financial ties with Nigerians abroad.
However, analysts caution that the total number of BVNs still trails the volume of active bank accounts nationwide, indicating that many Nigerians operate multiple accounts under a single BVN, while others remain unregistered.
