Nigeria's Bank Verification Number (BVN) database expanded to 68.6 million individuals as of March 2026, according to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS). This figure represents an increase from 67.8 million at the close of 2025.

Between January and March 2026, the database saw a growth of 754,128 new registrations. This pace indicates a potential slowdown in the annual registration rate compared to previous years, particularly following the Central Bank of Nigeria's (CBN) introduction of new regulations last month.

Throughout 2025, a total of 4.3 million BVN registrations were recorded. This growth was significantly influenced by the Non-Resident Bank Verification Number (NRBVN) initiative, which allowed Nigerians living abroad to register remotely, thereby enhancing cross-border financial engagement.

Despite the growth, the number of new registrations in the first quarter of 2026 suggests that NIBSS might record a lower total of new registrations this year compared to 2025. As of March 2025, NIBSS data indicated that the total number of active bank accounts in Nigeria exceeded 320 million, highlighting a substantial gap between registered BVNs and active bank accounts.

While a single BVN can be linked to multiple bank accounts, analysts suggest that there may still be unlinked accounts within the financial system.

In March 2026, the CBN announced a revised BVN regulatory framework. This framework introduces stricter controls on suspected fraudulent transactions, BVN enrolment processes, and data access within the banking sector.

Key changes include a stricter age requirement for BVN enrolment, limiting registration to individuals aged 18 and above. The CBN aims to strengthen identity verification and ensure BVN registration aligns with legal age thresholds.

Furthermore, the new directive stipulates that customers will only be permitted to change the phone number associated with their BVN once. These amendments are intended to bolster fraud monitoring, improve identity management, and safeguard the integrity of banking transactions.