Nigeria’s Bank Verification Number (BVN) database rose to 68.6 million in March 2026, according to data from the Nigeria Inter-Bank Settlement System.
The figure represents an increase of 754,128 registrations in the first quarter of the year, compared to 4.3 million recorded across 2025, indicating a slowdown in new enrolments.
Analysts attribute last year’s growth largely to the Non-Resident BVN initiative, which enabled Nigerians in the diaspora to register remotely.
Despite the increase, a significant gap remains between BVN registrations and the more than 320 million active bank accounts in the country, suggesting that many accounts may still be unlinked.
The development comes as the Central Bank of Nigeria introduced stricter BVN regulations, including limiting enrolment to individuals aged 18 and above and restricting changes to registered phone numbers.
The new framework also requires banks to place BVNs linked to suspicious transactions on a temporary watch-list for up to 24 hours while investigations are conducted.
