The total number of Bank Verification Numbers issued in Nigeria climbed to 64.8 million in January 2025, marking a 2.14 per cent increase from the 63.5 million recorded at the end of 2024.
In recent data released by the Nigeria Inter-Bank Settlement System, in 2021, BVN enrolment stood at 51.9 million, showcasing the initiative’s early strides in expanding Nigeria’s formal financial ecosystem. By 2022, the figure rose to 56 million, indicating a 7.9 per cent increase. The trend continued in 2023, with enrolments reaching 60.1 million, representing a 7.3 per cent growth compared to the previous year.
The Bank Verification Number is an 11-digit unique identity for each individual across the Nigerian banking industry.
In 2024, BVN adoption surged to 63.5 million, driven by public awareness campaigns and the mandatory integration of BVN in financial services and government programmes. By January 2025, the enrolment figure hit 64.8 million, adding 1.3 million new registrants, representing a 2.14 per cent year-on-year growth.
The BVN initiative, launched by the Central Bank of Nigeria in collaboration with the Nigerian Inter-Bank Settlement System, has been instrumental in reducing financial fraud, enhancing transaction security, and streamlining identity verification across the banking sector.
The PUNCH reported that the National Pension Commission has mandated the provision of Bank Verification Numbers for all retirement savings account registration and data recapture processes effective February 1.
Also in September 2024, the number of Nigerians enrolled under the Bank Verification Number system has surged by 38 per cent over the past five years, reaching 63.1 million.
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