CBN enforcement, diaspora enrolment drive biometric identity growth across banking sector
Nigeria’s Bank Verification Number (BVN) database expanded to 67.8 million enrolments by December 2025, reflecting sustained growth in the biometric identity system that underpins customer verification across the country’s banking industry.
The figures were released by the Nigeria Inter-Bank Settlement System (NIBSS), which manages the BVN infrastructure on behalf of the financial system.
The latest data shows a steady rise from 63.5 million registrations recorded in 2024, indicating that more than 4.3 million new BVNs were issued within a year. The growth highlights the continued adoption of biometric identification as a core requirement for accessing financial services in Nigeria.
Steady growth over five years
NIBSS’ five-year enrolment data shows a consistent upward trend in BVN registrations:
- 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, reinforcing the BVN system’s role in Nigeria’s broader financial inclusion and digital identity agenda.
What is driving the increase
Analysts attribute the growth in BVN enrolments largely to policy measures and enforcement actions by the Central Bank of Nigeria (CBN), alongside evolving industry practices.
One of the strongest drivers was the CBN’s directive to restrict or freeze bank accounts lacking both a BVN and National Identification Number (NIN), which took effect from April 2024. The move compelled many customers to complete their BVN registration in order to maintain uninterrupted access to banking services.
In addition, the rollout and expansion of the Non-Resident Bank Verification Number (NRBVN) initiative enabled Nigerians living abroad to obtain a BVN remotely, removing the need for physical presence in Nigeria.
The NRBVN programme has been widely described as a significant milestone in efforts to deepen financial inclusion and formally integrate the Nigerian diaspora into the country’s financial ecosystem.
Why the numbers matter
The addition of more than 4.3 million BVNs in a single year signals stronger compliance with biometric identity requirements and means that nearly 70 million Nigerians are now formally linked to the national banking identity system.
Industry experts note that the expansion supports several critical objectives, including:
- Enhanced fraud detection and risk management within financial institutions
- Improved customer identification, strengthening Know Your Customer (KYC) and anti-money laundering (AML) controls
- Broader financial inclusion for previously underbanked or excluded populations
Despite the progress, the BVN database still trails Nigeria’s total number of active bank accounts, which stood at over 320 million as of March 2025. The gap reflects the prevalence of multiple bank accounts linked to a single BVN, as well as remaining segments of bank customers yet to complete BVN enrolment.
What you should know
The Bank Verification Number is a unique biometric identifier assigned to bank customers to link all their accounts across Nigerian financial institutions and safeguard them against unauthorised access.
The BVN system remains a cornerstone of Nigeria’s financial infrastructure, enabling secure identity verification, reducing identity-related fraud, and supporting seamless interbank operations.
Its continued growth underscores both regulatory pressure and increasing public acceptance of digital identity tools within the financial system.
