Nigeria’s Bank Verification Number (BVN) database grew to 68.6 million in March 2026 as more Nigerians registered to link their bank accounts.
This is according to newly released data by the Nigeria Inter-Bank Settlement System (NIBSS).
The figure, however, shows a slowdown in the rate of new registrations for the number compared with previous years, just as the Central Bank of Nigeria (CBN) introduced new rules last month.
As of December 31, 2025, the BVN database stood at 67.8 million. The latest NIBSS data shows that the database grew by 754,128 between January and March this year.
Throughout 2025, a total of 4.3 million BVN registrations were recorded, driven largely by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to register for a BVN remotely, removing physical barriers and increasing cross-border financial engagement.
With less than one million new registrations recorded in the first quarter of 2026, NIBSS may see lower record of new registrations this year.
Meanwhile, the total number of active bank accounts in Nigeria stood at over 320 million as of March 2025 according to NIBSS data, indicating a wide gap between registered BVNs and bank accounts.
While a single BVN’s could be linked to multiple bank accounts, analysts suggest there might still be unlinked accounts in the system.
