The Nigeria Inter-Bank Settlement System has reported a significant increase in Bank Verification Number enrolments, revealing that registrations climbed by 6.8 per cent year-on-year to 67.8 million as of December 2025.

This represents a rise from the 63.5 million BVNs recorded during the same period in 2024.

In a statement released on its official website, NIBSS attributed the growth to stricter policy enforcement by the Central Bank of Nigeria and the expansion of enrolment initiatives targeting Nigerians in the diaspora. The data showed that more than 4.3 million new BVNs were issued within the one-year period, highlighting the increasing reliance on biometric identification as a mandatory requirement for accessing financial services across the country.

NIBSS explained that the expansion further strengthens the role of the BVN system in advancing financial inclusion and supporting Nigeria’s digital identity architecture. Analysts also linked the rise in enrolments to regulatory actions taken by the CBN, particularly its directive mandating the restriction or freezing of bank accounts lacking both a BVN and a National Identification Number. The policy, which took effect in April 2024, forced many bank customers to regularise their biometric details in order to maintain uninterrupted access to banking services.

The introduction of the Non-Resident Bank Verification Number initiative was identified as another key factor driving the growth. The NRBVN scheme enables Nigerians living abroad to obtain a BVN remotely without being physically present in the country, and it has been widely described as a major step towards fully integrating the diaspora into Nigeria’s formal financial system.

A five-year trend analysis conducted by NIBSS showed steady and consistent growth in BVN enrolments. The figures increased from 51.9 million in 2021 to 56.0 million in 2022, rose further to 60.1 million in 2023, climbed to 63.5 million in 2024, and reached 67.8 million by December 2025. According to the system operator, this upward trajectory reflects stronger compliance with biometric identity regulations and wider coverage of the national banking identity framework.

Despite the progress recorded, NIBSS noted that BVN enrolments remain significantly lower than the total number of active bank accounts in the country, which exceeded 320 million as of March 2025.

The organisation explained that the disparity is largely the result of multiple bank accounts being linked to single BVNs, as well as a segment of customers who have yet to complete their enrolment, even with ongoing regulatory pressure and public awareness efforts.