Nigeria’s Digital Identity Drive Lifts BVN Enrolment to 67.84 Million

Nigeria’s Bank Verification Number (BVN) enrolment recorded a solid growth in 2025, rising by 6.87 per cent to 67.84 million, according to the latest data released by the Nigeria Interbank Settlement System (NIBSS).

The figure represents an increase of 4.36 million new BVN registrations, up from 63.48 million recorded at the end of December 2024, highlighting sustained momentum in Nigeria’s digital identity and financial inclusion drive.

Steady growth in BVN adoption

NIBSS data shows that BVN enrolment has maintained a consistent upward trend over the last five years. Registrations grew from 51.90 million in 2021 to 56.90 million in 2022, 60.12 million in 2023, 63.48 million in 2024, before reaching 67.84 million in 2025.

This growth reflects increasing regulatory enforcement and broader adoption of digital identity systems across Nigeria’s financial ecosystem.

Background of the BVN scheme

The BVN initiative was launched on February 14, 2014, by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, NIBSS, and German technology firm Dermalog. The scheme captures the biometric data of bank customers and assigns each individual a unique 11-digit identity number, verifiable across the Nigerian banking industry.

At the launch, then CBN Governor Lamido Sanusi said the BVN system would significantly reduce fraud and money laundering, while also accelerating financial inclusion by expanding access to credit for millions of Nigerians without standard identification.

Fraud prevention and regulatory enforcement

In October 2017, the CBN introduced a regulatory framework for BVN operations and a Watchlist for the financial system. The Watchlist comprises BVNs of customers involved in confirmed fraudulent activities, enabling banks to manage risk more effectively across the industry.

Analysts attribute the recent surge in BVN enrolment to tighter regulatory measures by the apex bank. A key policy driver was a CBN circular issued on December 1, 2023, directing Deposit Money Banks (DMBs), non-interest banks, Payment Service Banks, other financial institutions, and mobile operators to place all funded accounts or wallets without BVN or National Identification Number (NIN) on Post No Debit or Credit (PNDC) status by April 1, 2024.

This directive significantly accelerated compliance and onboarding across the financial system.

Why it matters

The continued rise in BVN enrolment underscores Nigeria’s progress in strengthening financial system integrity, reducing fraud, and deepening digital financial inclusion. With BVN increasingly linked to banking, payments, and fintech services, analysts expect enrolment numbers to keep rising as regulatory enforcement and digital adoption intensify.