By ABUBAKAR YUNUSA
Nigeria’s Bank Verification Number database rose to 68.6 million in March 2026, fresh data from the Nigeria Inter-Bank Settlement System has shown.
The figure reflects a modest increase in registrations, signalling a slowdown compared to previous years.
NIBSS data indicated that the BVN database grew by 754,128 between January and March 2026, up from 67.8 million recorded as of December 31, 2025.
This contrasts sharply with the 4.3 million registrations recorded throughout 2025, largely driven by the introduction of the Non-Resident Bank Verification Number initiative targeting Nigerians in the diaspora.
With less than one million new registrations in the first quarter, analysts say the trend may point to a lower overall enrolment figure for 2026.
Meanwhile, NIBSS data showed that Nigeria had over 320 million active bank accounts as of March 2025, highlighting a significant gap between BVN registrations and total accounts.
Although a single BVN can be linked to multiple accounts, experts believe several accounts may still remain unlinked within the system.
The slowdown comes amid fresh regulatory measures introduced by the Central Bank of Nigeria last month to tighten controls within the BVN system.
Under the revised framework, BVN enrolment has been restricted to individuals aged 18 and above, aligning registration with legally recognised age thresholds.
The apex bank also limited the number of times customers can change the phone number linked to their BVN to once.
In a circular dated March 12, 2026, the CBN directed financial institutions to create temporary watch-lists for BVNs linked to suspected fraudulent transactions.
“Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions,” the bank stated.
It added that such BVNs would remain on the watch-list for a maximum of 24 hours, during which the account holder would be contacted to clarify the transaction.
The CBN said the measures are aimed at strengthening fraud monitoring, improving identity management, and safeguarding the integrity of banking transactions.
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