NIGERIA : BVN Enrollment Hits 66.2 Million as Nigeria’s Digital Banking Adoption Accelerates

The number of bank accounts linked to Bank Verification Numbers (BVNs) in Nigeria has risen to 66.2 million as of July 2025, according to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS).

The steady growth in BVN enrollment underscores ongoing efforts by financial institutions and regulators to bolster identity verification and curb financial fraud.

Introduced in 2014 by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, the BVN serves as a unique biometric identifier for each customer across the country’s banking ecosystem. It has since become a key tool in advancing financial inclusion and promoting transparency in the financial system.

According to NIBSS, the surge in BVN-linked accounts is driven by rising mobile and digital banking usage, growth in agency banking services, and stricter enforcement of Know Your Customer (KYC) regulations. The system currently links millions of savings, current, and domiciliary accounts to verified biometric data.

Industry experts have welcomed the development as a positive milestone for Nigeria’s financial sector.

“A growing BVN database not only boosts consumer confidence but also helps banks reduce identity-related fraud,” said fintech consultant Adebayo Adeleke. “It is also crucial for offering personalised financial services and supporting the growth of digital lending.”

Despite the progress, analysts caution that the figure still trails Nigeria’s estimated adult population of over 110 million, leaving nearly 40% of eligible individuals without a BVN. This gap highlights persistent challenges to achieving full financial inclusion.

Meanwhile, Nigeria’s shift toward a cashless economy continues to gain momentum. NIBSS reported that the value of cashless transactions rose to ₦295 trillion in Q1 2025, up from ₦237.11 trillion in the same period in 2024.

The report also revealed a surge in electronic payment usage, with 2.21 billion e-payment transactions recorded in Q1, including 776.94 million point-of-sale (PoS) transactions.

The trend aligns with projections from global payments firm ACI Worldwide, which estimates that Nigeria’s real-time payment transaction volume will grow from 7.9 billion in 2023 to 19.7 billion by 2028.

“In Nigeria, real-time payments are quickly becoming a viable alternative to cash, historically the dominant form of payment,” ACI stated.