Nigeria's Bank Verification Number (BVN) database has surpassed 70 million enrolments, reaching 70,347,047 as of September 28, 2026, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This milestone underscores the country's ongoing efforts to strengthen financial identity and combat banking fraud.
Steady Growth in BVN Enrolments
Introduced by the Central Bank of Nigeria (CBN) in 2014 and administered by NIBSS, the BVN system has become a cornerstone of Nigeria's financial identity infrastructure. Available figures show enrolments stood at about 51.9 million in 2021, rising to 63.5 million in 2024 and 67.8 million by the end of 2025.
The database continued to expand in 2026, reaching 68.6 million in March, 69.55 million in July, and about 69.97 million in late August, before crossing the 70 million mark in September. This growth reflects the increasing use of biometric identification in banking, particularly as traditional security measures such as passwords and PINs face growing threats from phishing, SIM-swap attacks, and social engineering.
NIBSS has also highlighted the growing sophistication of fraud techniques, including the use of artificial intelligence and deepfake technology.
New Rules Tighten Banking Security
The CBN introduced stricter BVN-related measures in 2026 to close loopholes that could be exploited by fraudsters. From May 1, BVN enrolment was restricted to people aged 18 and above, while customers were limited to one phone-number change linked to their BVN records.
A temporary 24-hour fraud watchlist mechanism was also introduced for suspicious transactions. Banks and payment service providers are now expected to conduct real-time liveness checks and verify new or reactivated accounts against BVN or National Identification Number (NIN) databases.
Access to BVN information has also been restricted to CBN-licensed financial institutions under the revised framework.
BVN Becomes Central to Digital Banking
The biometric system links customers' unique physical characteristics, including fingerprints and facial features, to their banking records. This makes it more difficult for criminals to impersonate customers, create duplicate accounts, or use stolen identities to move money.
With more than 70 million enrolments, BVN is becoming increasingly important to Nigeria's digital financial infrastructure. As biometric verification becomes more common in account opening, transactions, and other banking activities, financial institutions can use the system to identify suspicious activity and strengthen controls against identity-related fraud.
