The number of bank account holders in Nigeria with a Bank Verification Number (BVN) rose to 66.2 million in July 2025, according to new data from the Nigeria Inter-Bank Settlement System (NIBSS).
The figure marks an addition of 2.7 million BVN enrolments since December 2024, when the figure stood at 63.5 million. NIBSS noted that the BVN system provides every bank customer with “a unique identity that can be verified across the Nigerian banking industry” while also protecting accounts “from unauthorized access.”
The surge in enrolment follows the Central Bank of Nigeria (CBN) directive mandating banks to freeze accounts without a BVN and National Identification Number (NIN) from April 2024.
While BVN enrolments continue to grow, there remains a wide gap between the number of BVNs and active bank accounts in the country. NIBSS data showed that Nigeria had 320 million active bank accounts as of March 2025, up from 311.6 million at the end of 2024. This represents 8.4 million new or reactivated accounts in the first quarter of the year.
Industry experts explained that the disparity exists because “individuals and businesses often maintain multiple accounts linked to a single BVN.”
The BVN database is expected to expand even further with the recent launch of the Non-Resident Bank Verification Number (NRBVN) platform in May 2025. Jointly introduced by the CBN and NIBSS, the platform allows Nigerians in the diaspora to enrol for BVN from anywhere in the world without visiting a physical bank.
The CBN explained that the NRBVN initiative makes it easier for non-resident Nigerians to open domiciliary accounts in USD, GBP, and EUR, remit funds, and invest in Nigeria. Users can transfer money by selecting the “Remit Money” option and following the payment steps.
According to NIBSS, the platform employs advanced biometric verification and adheres strictly to global Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, ensuring safe and efficient transactions.
The NRBVN enrolment process carries a nominal charge of about $50, which the CBN clarified is not a fee for obtaining the BVN itself but a recoverable processing cost. This represents a significant reduction from the $200 Nigerians abroad previously paid to obtain a BVN.
“The NRBVN provides hassle-free account opening and fund transfers with streamlined processes and real-time support,” NIBSS stated.
