Nigeria’s BVN database hits 68.6 million as growth slows amid new CBN rules

Nigeria’s biometric banking identity system continues to expand, but at a noticeably slower pace, as new regulatory measures begin to reshape how users are enrolled and monitored.

Fresh data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that the country’s Bank Verification Number (BVN) database rose to 68.6 million in March 2026, reflecting a modest increase in new registrations during the first quarter of the year.

The figures indicate that just 754,128 new BVNs were added between January and March, a slower growth trajectory compared to previous years when millions of Nigerians were onboarded annually.

By comparison, total BVN registrations stood at 67.8 million as of December 2025, with about 4.3 million new enrollments recorded throughout that year, largely driven by policy innovations aimed at expanding access.

Despite the growth, the data also highlights a significant gap between BVN registrations and the number of bank accounts in the country. As of March 2025, Nigeria had over 320 million active bank accounts, suggesting that many accounts may still be unlinked to a BVN, even though a single BVN can be tied to multiple accounts.

The slowdown comes at a time when regulators are tightening controls around identity verification and financial transactions within the banking system.

New CBN framework reshapes enrolment and fraud monitoring

Last month, the Central Bank of Nigeria (CBN) introduced a revised BVN regulatory framework aimed at strengthening fraud detection, tightening enrolment conditions, and improving data integrity across financial institutions.

One of the key changes is the introduction of a stricter age requirement, limiting BVN registration to individuals aged 18 and above. The move is designed to align the system with legally recognised identity standards while reducing potential misuse.

In addition, the apex bank now allows customers to change the phone number linked to their BVN only once, a measure intended to curb identity manipulation and enhance traceability within the system.

Perhaps most notably, the new framework mandates banks to create a temporary watchlist for BVNs linked to suspicious transactions. Under this rule, flagged BVNs can remain on the watchlist for up to 24 hours while the account holder is contacted to provide clarification.

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According to the CBN, this approach allows financial institutions to quickly respond to potentially fraudulent activities without immediately imposing severe restrictions, thereby balancing security with customer protection.

Digital identity push meets structural realities

The BVN system remains a cornerstone of Nigeria’s financial infrastructure, providing a unique biometric identity that links customers across multiple banks and reduces the risk of fraud.

Its expansion over the years has been supported by initiatives such as the Non-Resident BVN (NRBVN), which allows Nigerians in the diaspora to register remotely, removing geographical barriers to financial inclusion.

However, the slower growth recorded in early 2026 suggests that the system may be approaching a maturity phase, where easy gains from first-time registrations are giving way to more complex challenges around compliance, data accuracy, and system integrity.

For regulators and financial institutions, the focus now appears to be shifting, from simply expanding the database to ensuring that it is secure, reliable, and aligned with evolving risks in Nigeria’s digital financial ecosystem.