Across bustling urban centres and quiet rural towns alike, one number has quietly become a defining feature of Nigeria’s financial landscape, the Bank Verification Number (BVN).
In the latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), this biometric identity system hit a new milestone in 2025, climbing to 67.84 million enrolled Nigerians, up 6.87 percent from the previous year, a rise of about 4.36 million new registrations.
Launched in 2014 to give every bank customer a unique, 11-digit identity, the BVN has grown from a regulatory tool to a cornerstone of Nigeria’s digital financial identity framework, one that bolsters security, curbs fraud, and makes formal financial inclusion possible for millions previously outside the system.
Behind the numbers are stories of ordinary Nigerians, traders setting up point-of-sale terminals in markets, students opening their first savings accounts, and diaspora workers securing remote access to services back home.
Many older accounts were updated and newly issued as regulators tightened rules requiring BVN (alongside National Identification Numbers) to access banking services, pushing more people to formalise their financial identities or risk restrictions on their accounts.
The steady climb also reflects policy initiatives that extend beyond Nigeria’s borders. With the introduction of Non-Resident BVN (NRBVN) options, Nigerians abroad can now register without setting foot in the country, bringing the diaspora into the fold of the nation’s formal financial system for the first time.
While the BVN count now eclipses 67.8 million registrations, analysts note there remains a gap between BVNs issued and the total number of active bank accounts, suggesting opportunities still exist to deepen financial inclusion, particularly among underbanked populations.
As Nigeria’s banking sector continues its digital evolution, each new BVN isn’t just a number, it’s a gateway to services, credit, and economic opportunity for the everyday Nigerian.
