The total number of Bank Verification Numbers (BVNs) issued in Nigeria reached 64.8 million in January 2025, reflecting a 2.14% increase from the 63.5 million recorded at the end of 2024.
This reflects an increase of 800,000 registrations in just two months, highlighting ongoing efforts to improve financial security and inclusion.
Recent data from the Nigeria Inter-Bank Settlement System (NIBSS) highlights the growth of BVN enrolment since its inception. In 2021, the number of BVNs stood at 51.9 million, marking a significant step in expanding Nigeria’s formal financial ecosystem. By 2022, the figure rose to 56 million, a 7.9% increase, and continued its upward trajectory in 2023 with a total of 60.1 million, reflecting a 7.3% growth.
The Bank Verification Number, an 11-digit unique identifier for individuals in Nigeria’s banking system, has become crucial in enhancing financial inclusion and security.
In 2024, BVN adoption surged to 63.5 million, spurred by public awareness campaigns and the mandatory integration of BVN in financial services and government programmes. By January 2025, the total number of registered BVNs reached 64.8 million, with an additional 1.3 million new registrants, reflecting a 2.14% increase year-on-year.
Launched by the Central Bank of Nigeria in collaboration with the Nigerian Inter-Bank Settlement System, the BVN initiative has played a key role in reducing financial fraud, improving transaction security, and streamlining identity verification within the banking sector.
According to The Telegraph, the National Pension Commission has also mandated the provision of BVNs for all retirement savings account registrations and data recapture processes starting February 1, 2025.
Additionally, in September 2024, the number of Nigerians enrolled in the BVN system saw a 38% increase over the past five years, reaching a total of 63.1 million.
