28% of Nigerians have registered for BVN, NIBSS reveals

The latest data report from the Nigeria Inter-Bank Settlement System (NIBSS) pegged Nigeria’s Bank Verification Number (BVN) Database at 67.8 million registrations (27.97% of the country’s population) following a steady growth streak over the last five years.

NIBBS, which manages the BVN infrastructure for Nigeria’s financial ecosystem, revealed that BVN registrations jumped from 63.5 million in 2024 to 67.8 million by the end of 2025, representing a 4.3 million increase in a year.

The latest NIBBS data reveals a consistent upward trend across the last five years, supporting the rhetoric that the Bank Verification Number has become a major protocol for accessing financial services in the country. The enrollment figures over the last five years, according to NIBBS, are as follows.

• 2021: 51.9 million
• 2022: 56.0 million
• 2023: 60.1 million
• 2024: 63.5 million
• December 2025: 67.8 million

The increase represents an estimated 6.8 per cent year-on-year growth between 2024 and 2025, one of the highest leaps over the last 5 years.

The Driving Force Behind the Increased BVN Enrollment

Analysts pinpoint the Central Bank of Nigeria’s policies and enforcement procedures as the primary driver of the five-year upward trend in BVN enrollment.

Some of the most efficient CBN policies behind the surge include the directive to restrict or freeze bank accounts lacking both a BVN and a National Identification Number (NIN), effective from April 2024. The directive caused a stir, prompting many Nigerians to register for BVN to maintain uninterrupted financial services.

The introduction of the Non-Resident Bank Verification Number (NRBVN) initiative enabled Nigerians living abroad to obtain a BVN remotely, eliminating the need to be physically present in Nigeria.

The NRBVN programme was a game-changer, bringing the weight of the Nigerian diaspora to the fore. Its successful integration served as a significant milestone in efforts to deepen financial inclusion and formally integrate the Nigerian diaspora into the country’s financial ecosystem.

The Bank Verification Number (BVN) was introduced by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee and the Nigeria Inter-Bank Settlement System (NIBSS).

The initiative was officially launched on February 14, 2014, during the tenure of Sanusi Lamido Sanusi as the Governor of the Central Bank and President Goodluck Ebele Jonathan as the country’s president.

It was marketed as an anti-graft measure as it was believed that some Nigerians were running multiple accounts used for all manner of illicit activities. Today, the BVN has become an important metric in the basic Know Your Customer (KYC) procedure, used by both traditional banks and fintech firms.

Last updated: April 6, 2026