As of January 2025, Nigeria has issued a total of 64.8 million Bank Verification Numbers (BVNs), which is an increase of 2.14 percent from the 63.5 million BVNs that had been issued by the end of 2024.
To put this in context, the BVN was introduced to help people establish their identity within Nigeria’s banking system. In 2021, about 51.9 million people had registered for a BVN, which showed that the program was beginning to gain traction in helping more Nigerians access formal banking services. The number of registrations continued to grow over the years, with the number reaching 56 million in 2022—a growth of 7.9 percent. The following year, in 2023, the enrolment further increased to 60.1 million, showing a 7.3 percent rise compared to the previous year.
The BVN is an important part of the banking process in Nigeria; it consists of 11 digits and serves as a unique identification number for each person in the banking system. This initiative was started by the Central Bank of Nigeria along with the Nigeria Inter-Bank Settlement System, and it plays a key role in enhancing the security of financial transactions. It helps to reduce fraudulent activities and makes it easier to verify someone’s identity when accessing banking services.
In 2024, more people started to adopt the BVN, resulting in a surge to 63.5 million registrations. This sharp increase was significantly influenced by awareness campaigns and the requirement for BVN integration in various financial services and government programs aimed at ensuring proper identification and security.
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By January 2025, the BVN enrollment reached 64.8 million as another 1.3 million individuals signed up. This growth indicates that more people are recognizing the importance of obtaining a BVN, which now stands at a 2.14 percent increase from the previous year.
Additionally, the National Pension Commission announced that starting from February 1, it would be compulsory for anyone registering a retirement savings account to have a BVN. This has reinforced the growing importance of BVNs in various areas of personal finance in Nigeria.
As of September 2024, the overall adoption of BVNs had risen significantly, with an impressive increase of 38 percent over the past five years, reaching 63.1 million registered users. This shows a continued commitment to improving financial security and inclusion across Nigeria.
