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.

This was mentioned by CBN in its Financial Stability June 2022 report, which was posted on its website in December 2022.

11,871 BVNs have been added to the watch list this year as deceased individuals, according to the study.

The Bank Verification Number (BVN) is an 11-digit unique identity for each individual across the Nigerian Banking industry. The BVN ensures you can engage securely in transactions at any Point of Banking operations in

In order to determine compliance with the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry in the review period, 28 banks and the Nigerian Interbank Settlement System were evaluated, per the study.

It stated that some breaches were discovered by the assessment and that consequently, regulatory actions were taken.

The number of enrolled BVNs increased to 54.65 million, according to the data, from 2.72 million in the first half of this year.

According to the data, there were 130.57 million BVN-linked accounts out of 148.46 million active accounts.

The report read in part, “Also, 2,722,518 BVNs were enrolled, bringing total BVN enrolment to 54,651,086, reflecting an increase of 5.24 percent over 51,928,568 enrolments at the end of December 2021.

“The number of accounts linked with BVNs was 130,569,656 out of 148,462,947 active customer accounts, while the number of watch-listed BVNs associated with fraud and deceased persons stood at 6,047 and 11,871, respectively.”

Based on the report, the total number of BVNs flagged for fraud rose by 13.09 percent, from 5,347 in December 2021 to 6,047 in June 2022.