Nigeria’s Bank Verification Number database has risen to 68.6 million as of March 2026, reflecting sustained adoption of the biometric identity system despite a noticeable slowdown in new registrations. Latest figures released by the Nigeria Inter-Bank Settlement System show that about 754,000 new BVNs were added in the first quarter, building on the 67.8 million recorded at the close of 2025 and signalling a more cautious growth trend under tightening regulatory oversight.
The expansion follows a strong performance in the previous year, when over 4.3 million new BVNs were issued, largely driven by the Non Resident BVN initiative that enabled Nigerians in the diaspora to enrol remotely. However, early data for 2026 indicates a tapering momentum, with total registrations for the first three months remaining below the one million mark, suggesting that the system may be approaching a saturation point among eligible users.
Despite the growth, a significant gap persists between BVN coverage and the broader banking population, with total bank accounts in the country estimated at over 320 million. While individuals are allowed to link multiple accounts to a single BVN, unlinked accounts continue to pose risks for transparency and financial monitoring, prompting fresh regulatory intervention by the Central Bank of Nigeria.
Under the revised framework introduced recently, only persons aged 18 and above are now eligible for BVN enrolment, while customers can change the phone number tied to their BVN just once. The apex bank has also mandated financial institutions to maintain a temporary watch list for BVNs linked to suspicious transactions, with flagged identities monitored for up to 24 hours pending verification. Authorities say the measures are aimed at strengthening fraud detection, safeguarding transactions and reinforcing trust in Nigeria’s financial system