By Opeyemi Adelakun
Nigeria’s Bank Verification Number database has expanded to 70.75 million registrations, representing an increase of 2.93 million between the end of 2025 and November 1, 2026.
Data from the Nigeria Inter-Bank Settlement System showed that enrolment rose from approximately 70.42 million at the beginning of October to 70.75 million as of November 1.
Despite the increase, the growth rate has slowed compared with previous years, raising the possibility that total new registrations in 2026 may fall below the 4.3 million recorded in 2025.
The development comes amid changes to the BVN regulatory framework introduced by the Central Bank of Nigeria to strengthen identity management and curb financial fraud.
Analysts noted that the expansion recorded in 2025 was partly driven by the Non-Resident BVN initiative, which allows Nigerians in the diaspora to register without travelling to Nigeria.
The initiative broadened access to the banking identification system and supported cross-border financial engagement.
However, the CBN announced a revised regulatory framework in March 2026, which became effective on May 1.
The new rules restricted BVN enrolment to individuals aged 18 and above and limited customers to changing the phone number associated with their BVN only once.
The framework also introduced a temporary watchlist for BVNs linked to suspected fraudulent transactions.
Financial institutions are required to place such BVNs on the watchlist for no longer than 24 hours, during which the affected customers must be contacted to explain the flagged transactions.
The CBN said the measures were intended to strengthen fraud detection, improve customer identification and safeguard the integrity of the banking system.
The BVN scheme was launched on February 14, 2014, through a collaboration involving the CBN, Bankers’ Committee, NIBSS and German technology company Dermalog.
It provides each enrolled bank customer with a unique 11-digit identification number connected to their biometric information.
According to the CBN’s 2025 annual report, BVN registrations increased from 64.40 million in 2024 to 67.82 million in 2025.
The number of bank accounts linked to BVNs also rose from 297.29 million to 368.92 million, while active bank accounts increased from 311.60 million to 339.26 million.
The report further revealed that BVNs on the fraud watchlist increased to 13,117 in 2025 from 9,476 in the preceding period.
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