Enrollment in the Bank Verification Number, BVN, by Nigerian bank account holders grew to 62.7 million in July, up from 61.87 million in May 2024.


The Nigeria Inter-Bank Settlement System (NIBSS) announced this in its most recent BVN data.


According to the data, 854,267 account owners have registered for the BVN in the last two months.



As of December 2023, the total registered BVN was 60 million. This means that the database has risen by 2.7 million this year.


The increase in BVN registration might be attributed to the Central Bank of Nigeria's (CBN) December 2023 decree, which required all banks to freeze any account not linked to BVN by April 2024.

Part of the directive also required all commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, to mandate the BVN or National Identification Number, NIN for all accounts and wallets

However, the number of active bank accounts in Nigeria stood at 219.6 million in March 2024.