The total number of Bank Verification Numbers (BVN) issued in Nigeria has reached 64.8 million as of January 2025, reflecting a 2.14% increase from the 63.5 million recorded at the end of 2024.
Recent data from the Nigeria Inter-Bank Settlement System (NIBSS) highlights significant growth in BVN enrolment over the past few years. In 2021, BVN enrolment stood at 51.9 million, marking a solid beginning for the initiative aimed at expanding Nigeria’s formal financial ecosystem. The number grew to 56 million in 2022, a 7.9% increase, and continued to rise in 2023, reaching 60.1 million, representing a 7.3% year-on-year growth.
The BVN initiative, which provides an 11-digit unique identity for individuals across Nigeria’s banking sector, has been crucial in reducing financial fraud, enhancing transaction security, and improving identity verification. The campaign’s success can also be attributed to public awareness campaigns and the mandatory integration of BVNs in financial services and government programs.
By the end of 2024, BVN adoption had surged to 63.5 million. As of January 2025, an additional 1.3 million people had registered, marking a 2.14% year-on-year increase.
In related news, the National Pension Commission (PenCom) has mandated the use of BVN for all retirement savings account registrations and data recapture processes starting from February 1, 2025. The move is expected to further streamline and secure pension operations.
In September 2024, the number of Nigerians enrolled in the BVN system reached 63.1 million, a 38% increase over the past five years, underscoring the growing adoption of the system.
The Central Bank of Nigeria, in collaboration with NIBSS, launched the BVN initiative, which has played an essential role in modernizing Nigeria’s banking infrastructure and reducing financial fraud.
