Latest data released by the Nigeria Inter-Bank Settlement System (NIBSS) has shown that Nigeria’s Bank Verification Number (BVN) database grew to 68.6 million in March 2026.
Compared with previous years, the figure, however, shows a slowdown in the rate of new registrations.
As of December 31, 2025, the BVN database stood at 67.8 million. The latest NIBSS data shows that the database grew by 754,128 between January and March this year.
Throughout 2025, a total of 4.3 million BVN registrations were recorded, driven largely by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to register for a BVN remotely, removing physical barriers and increasing cross-border financial engagement.
With less than one million new registrations recorded in the first quarter of 2026, NIBSS may see lower record of new registrations this year.
Meanwhile, the total number of active bank accounts in Nigeria stood at over 320 million as of March 2025 according to the NIBSS data, indicating a wide gap between registered BVNs and bank accounts.
