January 09, (THEWILL) — The number of Bank Verification Number (BVN) enrolments in Nigeria increased by six per cent to 67.8 million in 2025, according to data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The latest figure represents a significant rise from the previous year, underscoring sustained growth in the country’s banking population and ongoing efforts to deepen financial inclusion.
The BVN scheme, introduced by the Central Bank of Nigeria (CBN) and managed by NIBSS, is aimed at strengthening the integrity of the financial system by providing a unique identity for bank customers.
Industry analysts attribute the growth in enrolments to expanded access to banking services, increased adoption of digital financial products, and regulatory initiatives encouraging Nigerians, including those in rural and underserved areas, to open bank accounts.
The rise in BVN registrations is also expected to enhance transparency in the financial sector, reduce fraud, and improve the effectiveness of customer identification across banks and other financial institutions.
NIBSS noted that continued collaboration among banks, fintech companies, and regulators remains critical to sustaining the momentum and ensuring that more Nigerians are integrated into the formal financial system.
Ogochukwu Onwaeze
