Bank Verification Number (BVN) enrollments in the country rose by 6.87 per cent , or 4.36 million, to 67.84 million as at the end of December 2025 from 63.48 million in the corresponding period of the preceding year, according to latest data released by the Nigeria Interbank Settlement System (NIBSS).
This means that a total number of 4.36 million BVN enrolments were recorded between the end of December 2024 and the end of last year.
The BVN scheme was launched on February 14, 2014 by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, NIBSS and the German firm, Dermalog, with the aim of capturing biometrics of all bank customers and giving each bank customer a unique 11-digit identity number (BVN) that can be verified across the Nigerian banking industry.
Lamido Sanusi, governor of the CBN, at the time, said at the event that the BVN scheme would enable the apex bank to significantly reduce incidents of fraud and money laundering in the banking industry and also help accelerate financial inclusion by opening up opportunities for credit to millions of Nigerians who do not have a standard means of identification.
In October 2017, the CBN released a regulatory framework for BVN operations and Watchlist for the financial system. It stated that the Watchlist comprises a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities in the Nigerian banking industry.
An analysis of the latest NIBSS data shows that BVN enrollment maintained an upward trend in the last five years, rising from 51.90 million in 2021 to 56.90 million and 60.12 million in 2022 and 2023 respectively, before hitting 63.48 million in 2024 and 67.84 in 2025.
Analysts attribute the rise in BVN enrolments in recent years to policy measures introduced by the CBN as part of its efforts to tackle fraud.
For instance, on December 1, 2023, the apex bank issued a circular directing Deposit money banks (DMBs) Non-interest banks, Payment Service Banks, other financial institutions and mobile operators, to ensure that all funded bank accounts or wallets, without BVN or National Identification Number (NIN) are placed on “Post No Debit or Credit,” by April 1, 2024.
