Nigeria’s BVN database has reached a new milestone, but the pace is shifting. The latest data shows that registrations are still growing, though more slowly than before.
According to figures released by the Nigeria Inter-Bank Settlement System, the BVN database hit 68.6 million in March 2026. This marks a steady rise from 67.8 million recorded at the end of 2025.
In the first three months of the year, just over 754,000 new BVNs were added. However, this growth appears modest when compared to previous years.
Throughout 2025, registrations surged by 4.3 million. That increase was largely driven by the Non-Resident BVN initiative, which allowed Nigerians abroad to enrol remotely.
Now, with less than one million additions in the first quarter, the trend suggests a slowdown. This shift comes at a time when new policies are beginning to take effect.
New CBN rules reshape BVN growth
The slowdown in BVN registrations comes shortly after fresh guidelines from the Central Bank of Nigeria. These rules aim to tighten control across the banking system.
Under the revised framework, only individuals aged 18 and above can now register for a BVN. This change aligns the system with legal age requirements for financial identity.
In addition, customers can now change their BVN-linked phone number only once. This measure is designed to limit abuse and strengthen identity tracking.
The apex bank also introduced stricter monitoring of suspicious transactions. In its March 12 circular, it explained the new approach. “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.”
The regulator further clarified how the system will work. “A BVN may remain on this temporary Watch-list for a maximum period of twenty-four (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
These steps are expected to improve fraud detection while still giving customers time to respond.
A gap that still raises questions
Despite the rising BVN database, a large gap remains. Nigeria had over 320 million active bank accounts as of March 2025.
This difference suggests that many accounts may still not be properly linked. While one BVN can connect to multiple accounts, analysts believe some gaps persist.
As a result, the BVN system remains a key tool for identity management. With tighter rules now in place, the focus is shifting from rapid growth to stronger control.
For Nigeria’s banking sector, this moment may not be about speed. Instead, it appears to be about trust, security, and getting the system right.
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