BVN Enrollment Up 4.3%, Active Accounts Peak at 320m

Nume Ekeghe

The Bank Verification Number (BVN) database reached a new milestone in July 2025 with a total of 66,230,369 enrollments, representing a 4.3 per cent increase from the 63.48 million recorded at the end of 2024. The surge, achieved within just seven months, highlights renewed traction in the uptake of biometric identity systems across Nigeria’s banking sector.

The latest data from the Nigeria Inter-Bank Settlement System (NIBSS) positions 2025 as one of the most promising years for BVN enrollment since 2021. Over the last four years, the growth trajectory has remained steady: from 51.9 million in 2021, BVN enrollment rose by 7.9 per cent to 56 million in 2022. In 2023, the figure grew by another 7.4 per cent to reach 60.1 million, before slowing slightly to a 5.6 per cent increase in 2024. With 2025 already showing a 4.3 per cent growth in just over half the year, the system is on track to outperform the previous year’s total by December.

One of the notable drivers of growth in 2025 is the rise in enrollments through the Non-Resident Bank Verification Number (NRBVN) initiative. The NRBVN is a dedicated framework that allows Nigerians living abroad to register for BVNs remotely, without the need to physically visit bank branches in Nigeria. This solution has significantly expanded the reach of the BVN system, helping to deepen diaspora participation in formal financial services.

The increase in non-resident registrations has been supported by enhanced Know Your Customer (KYC) compliance requirements across the banking industry and broader collaboration with fintech firms that facilitate onboarding processes. The combined effect has reinforced BVN’s role as a key pillar of digital identity and financial inclusion in Nigeria.

Parallel to the rise in BVN enrollment, the banking sector has also seen increased account activity. As of March 2025, the number of active bank accounts stood at 320,053,030, the highest ever recorded. Dormant accounts were reported at 33.4 million, while a total of 29.4 million accounts had been closed. This compared with slightly lower figures in February, which recorded 316.8 million active accounts, 19.9 million dormant accounts, and 33.3 million closed accounts.

The rebound in March suggests that more Nigerians are engaging with the formal banking system, in line with broader efforts by financial institutions and regulators to improve access, trust, and compliance within the sector.