BVN Registrations Hit 66.2 million, Boosted by Diaspora Enrolment
Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that the number of Bank Verification Numbers (BVNs) issued in Nigeria reached 66.2 million by the end of July 2025, up from 63.5 million in December 2024.
This indicates that 2.7 million new BVNs were registered within the first seven months of the year.
The BVN system provides a unique identifier for bank customers across all Nigerian banks, enhancing account security and mitigating fraud risks.
Following the Central Bank of Nigeria’s (CBN) directive in April 2024 mandating that accounts without a BVN and National Identification Number (NIN) be frozen, BVN registration has accelerated.
Despite the increased registration, there remains a gap between the number of BVNs and active bank accounts:
As of March 2025, there were 320 million active bank accounts in Nigeria.
This marked an increase of 8.4 million accounts compared to the 311.6 million at the close of 2024.
Industry experts attribute the disparity to individuals and businesses operating multiple accounts under a single BVN.
To further expand coverage, the CBN and NIBSS launched the Non-Resident Bank Verification Number (NRBVN) platform in May 2025. This system enables Nigerians abroad to register for BVN without visiting a bank branch in Nigeria.
The NRBVN allows Nigerians in the diaspora to open domiciliary accounts in major foreign currencies (USD, GBP, EUR).
Facilitates seamless remittances via the “Remit Money” option.
Ensures compliance with global Know Your Customer (KYC) and Anti-Money Laundering (AML) standards through advanced biometric verification.
Offers 24/7 support and streamlined processes for secure financial transactions.
While BVN registration in Nigeria is free, NRBVN enrolment comes with a processing fee of approximately $50. According to the CBN, this is a significant reduction from the $200 Nigerians previously paid for diaspora registration.
