Nigeria’s Bank Verification Number (BVN) system recorded a major milestone in December 2025, with total enrolments rising to 67.8 million, reflecting sustained growth in biometric identity adoption across the banking sector.
The data was published by the Nigeria Inter-Bank Settlement System (NIBSS), the institution responsible for managing the BVN platform for Nigerian financial institutions.
Compared to 63.5 million enrolments in 2024, the latest figures represent an increase of more than 4.3 million BVNs in a single year, underscoring the expanding role of digital identity in Nigeria’s financial services ecosystem.
BVN Enrolment Growth Over Five Years
A review of NIBSS data over the past five years highlights a steady and consistent rise in BVN registrations:
- 2021: 51.9 million
- 2022: 56.0 million
- 2023: 60.1 million
- 2024: 63.5 million
- December 2025: 67.8 million
The increase from 2024 to 2025 translates to an estimated 6.8% year-on-year growth, maintaining momentum amid national efforts to strengthen financial inclusion and digital identity systems.
Regulatory and Structural Drivers Behind BVN Expansion
The continued rise in BVN enrolments throughout 2025 has been largely shaped by regulatory action and industry-wide compliance initiatives led by the Central Bank of Nigeria (CBN).
Key factors contributing to growth include:
- Mandatory BVN–NIN linkage:
The CBN’s enforcement directive to restrict or freeze bank accounts lacking both a BVN and a National Identification Number (NIN) from April 2024 prompted millions of customers to complete registration in order to retain access to banking services. - Growth of the NRBVN programme:
The expansion of the Non-Resident Bank Verification Number (NRBVN) scheme allowed Nigerians living abroad to obtain BVNs remotely, eliminating physical onboarding barriers and supporting increased diaspora participation in Nigeria’s financial system.
The NRBVN initiative has been widely recognised as a critical step toward integrating diaspora Nigerians into domestic banking and investment channels.
Why BVN Growth Is Significant
The addition of over 4.3 million new BVNs within a year points to stronger compliance with biometric identity requirements and reinforces the BVN’s role as a foundational layer of Nigeria’s banking infrastructure.
According to industry analysts, rising BVN penetration delivers several benefits:
- Improved fraud detection and financial risk controls
- Stronger anti-money laundering (AML) and know-your-customer (KYC) enforcement
- Expanded financial inclusion, particularly for previously underbanked populations
With nearly 70 million individuals now linked to a BVN, the system has become central to trust, security, and transparency across Nigeria’s financial services landscape.
Persistent Gaps in BVN Coverage
Despite the progress, BVN enrolments still fall short of Nigeria’s total number of active bank accounts, which surpassed 320 million as of March 2025. This gap reflects widespread multiple-account ownership tied to single BVNs, as well as portions of the banked population that remain unenrolled.
The imbalance highlights ongoing challenges around identity onboarding and data harmonisation, areas regulators and financial institutions continue to address as digital finance adoption deepens.
Outlook for 2026
Looking ahead, BVN enrolments are expected to continue rising in 2026, supported by sustained regulatory enforcement, improved digital onboarding channels, and deeper diaspora engagement.
As Nigeria advances its digital finance agenda, biometric identity systems like the BVN are set to remain a cornerstone of financial inclusion, security, and system-wide resilience.
