The number of registered Bank Verification Numbers (BVN) in Nigeria has risen by 1.33 million, or 2.1 percent, bringing the total to 64.8 million as of January 2025, compared to 63.47 million recorded at the end of 2024.
This was disclosed in the latest data released on Monday by the Nigeria Inter-Bank Settlement System (NIBSS).
The report also revealed that BVN enrollments increased by 3.362 million, or 5.6 percent, throughout 2024, up from 60.115 million in December 2023.
Despite this growth, the NIBSS highlighted a gap between the total number of active bank accounts and BVN registrations, which are mandatory for account creation. As of July 2024, the number of active bank accounts in Nigeria stood at 231.1 million.
The 2023 Access to Financial Services in Nigeria Survey by Enhancing Financial Innovation and Access (EFInA) also revealed that 5 percent of banked adults—approximately 3 million individuals—lack a BVN or National Identification Number.
In October 2024, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, announced plans for the NIBSS to launch a non-resident BVN platform.
This initiative aims to provide Nigerians living abroad with the ability to manage their local bank accounts, fulfill Know Your Customer (KYC) requirements, and support their businesses remotely.
Cardoso noted that the project is part of broader efforts to ensure Nigerians, regardless of location, can actively participate in the economy and take advantage of opportunities to diversify their income sources.
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