The Nigeria Inter-Bank Settlement System (NIBSS) has reported a significant increase in Bank Verification Number (BVN) enrolments, which rose by 6.8 per cent year-on-year to 67.8 million as of December 2025. This marks a notable jump from the 63.5 million BVNs recorded during the same period in 2024, reflecting growing compliance with Nigeria’s biometric identification requirements.
According to a statement published on NIBSS’ website, the increase was driven largely by stronger policy enforcement from the Central Bank of Nigeria (CBN) and the expansion of diaspora-focused enrolment initiatives. Data from the system shows that more than 4.3 million new BVNs were issued within the one-year period, highlighting the expanding role of biometric identity in accessing financial services across the country.
NIBSS noted that the growth further reinforces the BVN system’s importance within Nigeria’s financial inclusion agenda and its evolving digital identity framework. Analysts attributed much of the surge to regulatory actions by the CBN, particularly the directive mandating banks to restrict or freeze accounts that lack both a BVN and a National Identification Number (NIN). The policy, which took effect in April 2024, compelled millions of account holders to regularise their records to maintain uninterrupted access to banking services.
Another key driver was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative. The programme allows Nigerians in the diaspora to obtain a BVN remotely, eliminating the need for physical presence in Nigeria. Widely praised by stakeholders, the initiative has been described as a milestone in integrating the diaspora population into Nigeria’s formal financial system.
A five-year trend analysis by NIBSS shows consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 67.8 million by the end of 2025. Despite this progress, NIBSS acknowledged that BVN numbers still trail the total volume of active bank accounts, which surpassed 320 million as of March 2025. The disparity, it explained, reflects the prevalence of multiple accounts linked to single BVNs and ongoing enrolment gaps among some customers.
I wonder if this surge in BVN enrollments will lead to more financial inclusivity or just more data for the authorities to track us.
Wow, 67.8 million BVN enrolments! Do you think this is a positive step towards financial inclusion or just unnecessary bureaucracy?
I dont buy it! Stronger CBN policies driving BVN adoption? Sounds fishy to me. What do you think?
I believe the BVN system is invasive. Do we really need our personal data gathered en masse like this? #PrivacyConcerns