April 06, (THEWILL) — Nigeria’s Bank Verification Number (BVN) database rose to 68.6 million in March 2026, reflecting continued growth in the country’s financial identity system despite a noticeable slowdown in new registrations. Data released by the Nigeria Inter-Bank Settlement System (NIBSS) showed that 754,128 new BVNs were added between January and March, compared to stronger growth trends in previous years.
As of December 31, 2025, the BVN database stood at 67.8 million, following a significant annual increase of 4.3 million registrations. That surge was largely driven by the introduction of the Non-Resident BVN (NRBVN) initiative, which enabled Nigerians in the diaspora to enrol remotely, eliminating the need for physical presence and boosting cross-border participation in the financial system.
However, the pace of growth appears to be moderating in early 2026, coinciding with new regulatory measures introduced by the Central Bank of Nigeria (CBN). The revised BVN framework, announced last month, introduces stricter controls around enrollment, data access, and fraud monitoring.
A key change is the enforcement of a minimum age requirement of 18 years for BVN registration, aligning the process with legally recognised adulthood. Additionally, customers are now limited to a one-time change of the phone number linked to their BVN, a move to reduce identity manipulation and fraudulent activities.
According to the CBN, these reforms are designed to strengthen identity verification, enhance fraud detection, and improve overall trust in Nigeria’s banking system, while allowing flagged customers the opportunity to resolve suspicious transactions before further action is taken.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
