Data released by the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that the number of Nigerian bank account owners with Bank Verification Number (BVN) increased to 66.2 million in July this year.
As of December 2024, the figure stood at 63.5 million, an indication that a total of 2.7 million new BVN enrolments were recorded between January and July 2025.
According to NIBSS, the BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, while it ensures that customers’ bank accounts are protected from unauthorized access.
Recall that the Central Bank of Nigeria (CBN) had directed banks to freeze accounts without a BVN and National Identification Number (NIN) from April 2024.
Bank accounts vs BVN
The growing BVN database also reflects in the growing number of active bank accounts in the country, though there is still a wide gap between the two.
- According to the latest banking data released by NIBSS, the number of active bank accounts in Nigeria stood at 320 million in March 2025.
- The data indicated that a total of 8.4 million new accounts were opened or reactivated between January and March this year, as the figure stood at 311.6 million at the end of 2024.
- Industry explained that the difference between BVN and active account numbers is attributable to individuals and businesses having multiple bank accounts linked with a single BVN.
NRBVN to boost the BVN database
Meanwhile, with the recent launch of Non-Resident Bank Verification Number (NRBVN), the BVN database may see further growth in the coming months.
The NRBVN platform, launched by CBN and NIBSS in May this year, enables Nigerians living in the diaspora to enroll for BVN from anywhere in the world without visiting a physical bank.
- This allows them to open domiciliary accounts in USD, GBP, and EUR, offering flexibility for investments and remittances.
- The NRBVN platform allows users to remit funds by selecting the “Remit Money” option and following the payment and transfer steps.
- According to NIBSS, the advanced biometric verification and strict adherence to global KYC and AML regulations on the platform ensure secure transactions.
- The initiative promises users hassle-free account opening and fund transfers with streamlined processes and real-time support.
Unlike registration for BVN, the NRBVN enrolment process carries a nominal charge of approximately $50, which, according to the CBN, is not a fee for obtaining the BVN itself, but rather a recoverable processing cost.
The apex bank noted that Nigerians abroad were paying $200 to obtain a BVN before the introduction of the NRBVN, which made the current $50 a significant reduction.
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