Nigeria’s Bank Verification Number (BVN) database has climbed to 68.6 million as of March 2026, reflecting continued enrolment of bank customers across the country, according to data released by the Nigeria Inter-Bank Settlement System.
The latest figures indicate that 754,128 new BVNs were added between January and March 2026, compared to a total of 67.8 million recorded at the end of 2025. While the database continues to expand, the pace of new registrations has slowed relative to previous years, suggesting moderating growth in enrolment activity.
Throughout 2025, BVN registrations reached approximately 4.3 million, driven in part by the introduction of the Non-Resident Bank Verification Number framework, which enabled Nigerians in the diaspora to register remotely without physical presence in the country.
Brandspur Banking News Desk reports that the Central Bank of Nigeria has recently introduced updated BVN regulatory guidelines aimed at strengthening identity management, reducing fraud risks, and improving oversight of transactions within the financial system.
The revised framework includes stricter enrolment requirements, limiting BVN registration to individuals aged 18 and above, as well as new controls governing changes to phone numbers linked to BVNs, which are now restricted to a single update.
In addition, financial institutions have been directed to implement a temporary watch-list mechanism for BVNs associated with suspected fraudulent activity. Under this directive, flagged BVNs may remain on the watch-list for up to 24 hours, during which customers are expected to provide clarification before further action is taken.
The BVN system remains a core component of Nigeria’s banking infrastructure, designed to provide a unique biometric identifier that links customers to all their bank accounts and enhances verification processes across financial institutions.
Despite the growth in BVN enrolment, a significant gap persists between registered BVNs and the total number of bank accounts in Nigeria, highlighting ongoing challenges around account linkage and identity consolidation within the financial ecosystem.
Analysts note that the recent regulatory adjustments are part of broader efforts by the Central Bank of Nigeria to strengthen financial system integrity, curb identity-related fraud, and support the continued expansion of digital banking services across the country.
