BVN Hits 68.6 Million as Growth Slows

Nigeria’s BVN database rose to 68.6 million in March 2026, reflecting continued adoption across the banking system. However, the pace of new registrations is beginning to slow following recent regulatory changes.
Fresh data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that the number of Bank Verification Numbers (BVNs) increased modestly in the first quarter of 2026. The database grew from 67.8 million at the end of December 2025 to 68.6 million by March, adding just over 750,000 new registrations.

This marks a noticeable decline compared to 2025, when about 4.3 million BVNs were issued. Much of last year’s growth was driven by the rollout of the Non-Resident BVN (NRBVN), which allowed Nigerians living abroad to register remotely without needing to be physically present in the country.

With less than one million new sign-ups recorded so far this year, the current trend suggests overall growth in 2026 could fall short of previous years.

At the same time, NIBSS data reveals that Nigeria had more than 320 million active bank accounts as of March 2025. This highlights a significant gap between the number of accounts and registered BVNs. While individuals can link multiple accounts to a single BVN, the disparity suggests that some accounts may still not be properly linked within the system.

The slowdown in growth coincides with new regulations introduced by the Central Bank of Nigeria (CBN) in March 2026. The updated BVN framework brings tighter controls around enrolment, data management, and fraud monitoring.

One of the key changes is a stricter age requirement, limiting BVN registration to individuals aged 18 and above. The CBN says this aligns the process with legal identity standards.

The regulator has also restricted how often users can update their BVN details, including allowing only a single change to the phone number linked to a BVN.

In a move aimed at tackling fraud, banks are now required to place BVNs linked to suspicious transactions on a temporary watch-list. This status can last up to 24 hours, during which the account holder is contacted to clarify the activity before any further action is taken.

According to the CBN, these measures are designed to strengthen identity verification, improve fraud detection, and maintain trust in Nigeria’s banking system.

A BVN serves as a unique biometric identifier that connects all of a customer’s bank accounts, helping to prevent unauthorized access and streamline verification across financial institutions. Over the years, it has become a critical part of Nigeria’s financial infrastructure.

While BVN adoption continues to grow, new regulations and slowing registrations signal a shift toward tighter control and system integrity rather than rapid expansion.

image credit: nibss-plc