Nigeria’s Bank Verification Number (BVN) database has grown to 68.6 million as of March 2026, according to data from the Nigeria Inter-Bank Settlement System.
The latest figures indicate a steady rise in registrations, although the pace has slowed compared to previous years.
Between January and March 2026, about 754,000 new BVNs were recorded, a sharp drop from the 4.3 million registrations seen in 2025.
Analysts attribute last year’s surge largely to the Non-Resident BVN (NRBVN) initiative, which enabled Nigerians in the diaspora to enroll remotely.
Despite the growth, a significant gap remains between BVN registrations and the number of bank accounts in the country.
Nigeria reportedly has over 320 million active accounts, suggesting that many may not yet be linked to a BVN.
The Central Bank of Nigeria has introduced new guidelines to strengthen the system, including stricter rules on registration and transaction monitoring to curb fraud.
