Nigeria’s Bank Verification Number database reached 68.6 million in March 2026, reflecting continued efforts by Nigerians to link their bank accounts.

Data from the Nigeria Inter-Bank Settlement System shows, however, that the pace of new registrations has slowed compared with previous years, following the introduction of new rules by the Central Bank of Nigeria last month.

As of December 31, 2025, Nigeria’s BVN database stood at 67.8 million. According to the latest data from the NIBSS, the number of registered BVNs grew by 754,128 between January and March 2026.

In 2025, a total of 4.3 million new BVNs were recorded, largely driven by the Non-Resident Bank Verification Number initiative.

This program allows Nigerians in the diaspora to register for a BVN remotely, removing physical barriers and boosting cross-border financial engagement.

With fewer than one million new registrations recorded in the first quarter of 2026, NIBSS may see a slower overall growth in BVN enrolments this year.

Meanwhile, the total number of active bank accounts in Nigeria stood at over 320 million as of March 2025, highlighting a significant gap between registered BVNs and bank accounts. While a single BVN can be linked to multiple accounts, analysts suggest that some accounts may still remain unlinked.

Last month, the CBN introduced a revised BVN regulatory framework, which imposes stricter controls on suspected fraudulent transactions, BVN enrolment, and data access across the banking system.

While a single BVN can be linked to multiple bank accounts, analysts suggest that some accounts may still remain unlinked in the system.

Last month, the Central Bank of Nigeria unveiled a revised BVN regulatory framework, introducing stricter controls on suspected fraudulent transactions, BVN enrolment, and data access across the banking system.

The updated rules specifically set a minimum age requirement of 18 years for BVN registration.