The volume of Bank Verification Number (BVN) enrollments in Nigeria has increased by 1.33 million, or 2.1%, reaching 64.8 million in January 2025, up from 63.47 million at the end of 2024. This growth reflects the continued expansion of the BVN program, which is crucial for securing financial transactions and enhancing banking services in the country.
The Nigeria Inter-Bank Settlement System (NIBSS) reported this rise in its latest data, revealing that the total BVN enrollments increased by 3.362 million, or 5.6%, in 2024, from 60.115 million at the close of 2023. Despite this growth, NIBSS highlighted a gap between the number of active bank accounts and the number of BVNs, as the latter is a mandatory requirement for opening bank accounts in Nigeria.
As of July 2024, the number of active bank accounts in Nigeria stood at 231.1 million. However, according to the Enhancing Financial Innovation and Access (EFInA) 2023 survey, 5% of banked adults—approximately 3 million individuals—do not possess a BVN or a National Identification Number (NIN), further highlighting the ongoing challenge of complete enrollment.
In October 2024, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, announced plans to launch a non-resident BVN platform to enable Nigerians in the diaspora to access their local bank accounts, conduct business, and handle Know Your Customer (KYC) processes with financial institutions from anywhere in the world. This initiative aims to simplify banking for Nigerians abroad and integrate them more fully into the national economy, enhancing financial inclusion globally.
