The number of Bank Verification Numbers registered in Nigeria has increased by 1.33 million, or 2.1 percent, reaching 64.8 million this month, up from 63.47 million recorded at the close of 2024.
This update was revealed in the latest BVN data released on Monday by the Nigeria Inter-Bank Settlement System.
According to the report, BVN enrollments grew by 3.362 million, representing a 5.6 percent increase, during 2024, rising from 60.115 million at the end of 2023.
Despite this growth, the NIBSS data highlighted a disparity between the total number of active bank accounts and BVN registrations, a mandatory requirement for account creation.
As of July 2024, the number of active bank accounts in the country stood at 231.1 million.
The Enhancing Financial Innovation and Access Access to Financial Services in Nigeria 2023 Survey report further revealed that 5 percent of banked adults—equivalent to 3 million individuals—do not possess a BVN or National Identification Number.
In October 2024, Central Bank of Nigeria, Governor, Yemi Cardoso, announced plans for NIBSS to roll out a non-resident BVN platform.
The initiative, he said, aims to enable Nigerians living abroad to manage their local bank accounts, address Know Your Customer requirements with financial institutions, and support their businesses remotely.
Cardoso explained that the project aligns with efforts to ensure that Nigerians, regardless of their location, can actively engage in the country’s economy without barriers and explore opportunities to diversify their businesses.
