Lagos, Nigeria – Nigeria’s Bank Verification Number database grew to 68.6 million in March 2026, according to newly released data from the Nigeria Inter-Bank Settlement System, as more Nigerians registered to link their bank accounts.
Okay News reports that the figure shows a slowdown in the rate of new registrations compared with previous years. As of December 31, 2025, the BVN database stood at 67.8 million, meaning growth of 754,128 between January and March 2026. Throughout 2025, a total of 4.3 million registrations were recorded, driven largely by the Non-Resident BVN initiative enabling Nigerians in the diaspora to register remotely.
The total number of active bank accounts in Nigeria stood at over 320 million as of March 2025, indicating a wide gap between registered BVNs and bank accounts. While a single BVN can be linked to multiple accounts, analysts suggest there may still be unlinked accounts in the system.
Last month, the Central Bank of Nigeria announced a revised BVN regulatory framework introducing stricter controls on suspected fraudulent transactions. The revised framework introduced a minimum age requirement of 18 years for BVN enrolment and limits phone number changes associated with a BVN to once per customer.
Under the new guidelines, financial institutions must maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions. A BVN may remain on this list for a maximum of 24 hours, during which the BVN owner shall be contacted to provide clarification.
This BVN database growth reflects ongoing efforts to strengthen identity verification and reduce fraud in Nigeria’s financial system. The new regulations aim to improve identity management and safeguard the integrity of banking transactions.
