
As of January 2025, the total number of Bank Verification Numbers (BVNs) issued in Nigeria has reached 64.8 million, reflecting a 2.14% increase from the 63.5 million recorded at the end of 2024. This upward trend underscores the growing adoption of the BVN initiative, which has become an integral part of Nigeria’s financial ecosystem.
The Nigeria Inter-Bank Settlement System (NIBSS) released data showing that in 2021, the number of BVN enrolments was 51.9 million, signifying the initiative’s early momentum in expanding access to formal financial services in Nigeria. By 2022, the number had risen to 56 million, marking a 7.9% increase. In 2023, the trend continued with enrolments growing to 60.1 million, a 7.3% increase from the previous year.

The Bank Verification Number is a unique 11-digit identity code assigned to individuals across the Nigerian banking industry. This initiative, launched by the Central Bank of Nigeria (CBN) in partnership with NIBSS, is designed to reduce financial fraud, improve transaction security, and simplify identity verification across financial institutions.
In 2024, the BVN enrolment surged to 63.5 million, propelled by public awareness campaigns and the growing mandatory use of BVNs in various government and financial service sectors. By January 2025, the number of BVN registrants reached 64.8 million, with an additional 1.3 million new enrollees, marking a 2.14% year-on-year growth.
The rise in BVN enrolments has been supported by various initiatives, including the mandatory integration of BVNs into key financial processes and government programs. Furthermore, the National Pension Commission (PenCom) recently mandated that a BVN must be provided for all Retirement Savings Account (RSA) registrations and data recapture processes, effective from February 1, 2025.
The BVN system has proven instrumental in enhancing financial inclusion across Nigeria, providing individuals with more secure access to banking services and reducing the risk of identity theft and fraud. With continued efforts to improve the system and its integration into more sectors, the BVN initiative is expected to remain a key driver of Nigeria’s formal financial sector growth.
In September 2024, data revealed a 38% increase in the number of Nigerians enrolled in the BVN system over the past five years, with the number reaching 63.1 million. This surge in enrolment continues to highlight the country’s commitment to enhancing financial transparency and accessibility for all citizens.