The number of Bank Verification Numbers (BVNs) issued in Nigeria climbed to 64.8 million as of January 2025, according to the Nigeria Inter-Bank Settlement System (NIBSS).
This marks a steady rise from 63.5 million in 2024 and 60.1 million in 2023, reflecting the growing adoption of the BVN system introduced to strengthen financial security and transparency.
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The BVN is a unique eleven-digits identification number assigned to individuals with bank accounts to enhance security and reduce fraud.
Introduced by the Central Bank of Nigeria in 2014, it links all an individual’s bank accounts across different banks and uses biometric data for verification.
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Since 2021, when BVN enrolments stood at 51.9 million, the initiative has gained momentum, partly driven by mandates requiring individuals to obtain a BVN to access formal employment and certain public services.
However, this increase in BVN registrations contrasts sharply with data on bank account usage, revealing some inactivity in the financial system.
As of July 2024, Nigeria recorded 231.1 million registered bank accounts. Of these, 18.9 million were dormant, and an additional 23.3 million accounts had been closed.
Active accounts accounted for the majority, but the high number of dormant and closed accounts reflects deeper systemic challenges.
For the average Nigerian, maintaining a bank account often feels more punitive than empowering. Hidden charges, including maintenance fees, transfer costs, and inactivity penalties, discourage many from fully engaging with the banking system.
These fees, which disproportionately affect low-income earners, compound existing barriers to financial inclusion, leaving many with little choice but to disengage.
While the BVN initiative has been widely praised for its role in combating identity fraud and improving security, its increasing adoption is less about financial inclusion and more about compulsion.
Many employers, landlords, and government agencies now require BVNs for access to jobs, housing, and services, forcing individuals to register even when they have limited trust in or access to the banking system.
On 23 October 2024, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, announced that the NIBSS would launch a non-resident BVN platform by December to allow Nigerians in the diaspora to operate their local bank accounts.
ALSO READ: Nigeria to launch non-resident BVN platform in December – Cardoso
On 10 January, the bank unveiled two specialised accounts: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
This initiative aims to foster greater economic participation by Nigerians in the diaspora while enabling them to manage funds and invest in Nigeria with ease.
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