The number of Nigerian bank account holders enrolled in the Bank Verification Number (BVN) system has climbed to 66.2 million as of July 2025, according to fresh figures released by the Nigeria Inter-Bank Settlement System (NIBSS).
This reflects a jump from the 63.5 million recorded in December 2024, indicating that 2.7 million new BVNs have been issued in just seven months.
The increase is being linked to recent regulatory measures and advances in financial technology that aim to improve identity authentication and enhance customer security within the banking sector.
Introduced to combat financial fraud, the BVN system provides each bank customer with a unique biometric identifier, helping safeguard accounts from unauthorised access.
The Central Bank of Nigeria (CBN) previously directed all financial institutions to ensure that customers’ accounts are linked with both a BVN and the National Identification Number (NIN). Accounts without these identifiers were to be frozen from April 2024. This policy has been a major catalyst behind the recent spike in enrolments.
Despite the rising figures, a considerable gap remains between the number of active bank accounts and verified BVN holders. As of March 2025, active bank accounts in Nigeria stood at 320 million,an increase of 8.4 million from the 311.6 million recorded at the close of 2024.
Analysts say this discrepancy is largely due to individuals and corporate entities operating multiple accounts under a single BVN profile.
To address coverage gaps and expand reach to Nigerians outside the country, the CBN and NIBSS introduced the Non-Resident Bank Verification Number (NRBVN) platform in May 2025.
This digital initiative enables Nigerians in the diaspora to complete BVN registration remotely, removing the need to visit bank branches physically.
The platform also offers additional services, such as opening foreign currency accounts in US dollars, British pounds, and euros. Users can also send funds using a built-in “Remit Money” feature designed for seamless cross-border transfers.
With biometric authentication and full compliance with global Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, the NRBVN system is designed to ensure secure financial integration for non-resident Nigerians.
Unlike traditional BVN registration, the NRBVN comes with a modest processing fee of about $50, a significant reduction from the $200 that was commonly charged to Nigerians abroad under older systems.
Industry observers believe the new platform will further accelerate BVN registration and extend financial access to more Nigerians worldwide, contributing to a safer and more inclusive banking environment.