BVN Enrolments in Nigeria Hit 69.9m, CBN Announces New Rules
- Nigeria's BVN database reached 69,972,475 as of August 23, 2026, adding over 183,000 new enrolments in under three weeks
- The CBN introduced new guidelines on phone numbers linked to BVNs, drawing criticism from a rights advocacy group
- The Digicivic Initiative warned that the new rules could lock some Nigerians out of their own bank accounts
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's Bank Verification Number (BVN) database has reached 69,972,475 as of August 23, 2026, edging the country closer to the 70 million enrolment mark, according to data published by the Nigeria Inter-Bank Settlement System (NIBSS).
The latest figures show that enrolments grew by 183,282 between August 3 and August 23, up sharply from the 63,336 additions recorded in the week ending August 3.
Source: Getty Images
The BVN database stood at around 69.55 million in early July and has climbed steadily since.
At the current pace, the 70 million milestone could be reached within weeks.
How the BVN System Works
The BVN scheme, launched by the Central Bank of Nigeria (CBN) and administered by NIBSS, ties customers' biometric data, including fingerprints and facial features, to their bank records.
This allows financial institutions to confirm identities, flag duplicate accounts, and strengthen fraud detection across the sector.
NIBSS has pointed to the weaknesses of traditional security tools such as passwords and PINs, noting they are vulnerable to theft, guessing, and phishing attacks.
Biometric verification, by contrast, relies on physical characteristics that are harder to compromise.
Beyond security, the expansion of the BVN database supports Nigeria's financial inclusion goals.
Banks and fintech companies increasingly depend on biometric identity systems for account opening and digital services, and the technology can help reduce documentation barriers for underserved Nigerians seeking access to formal banking.
New CBN Rules Spark Concern
Alongside the enrolment growth, the CBN has introduced fresh rules governing how phone numbers linked to BVNs can be modified or replaced.
The move has drawn a sharp response from the Digicivic Initiative, a rights advocacy group.
In an open letter addressed to the CBN, the group warned that the new restrictions could leave some bank customers unable to access their accounts, particularly those who change phone numbers, relocate, or lose access to SIM cards tied to their BVNs.
Source: UGC
Phone numbers have become central to digital banking in Nigeria, serving as the gateway for transaction alerts, one-time passwords, and mobile banking authentication.
The Digicivic Initiative argued that a difficult or restrictive process for updating BVN-linked numbers places vulnerable Nigerians at serious risk of financial exclusion.
The group also raised questions about whether the requirements sit comfortably within Nigeria's existing data protection framework.
The CBN and NIBSS have both described the BVN as a cornerstone of Nigeria's financial identity infrastructure, essential to curbing fraud and improving banking security across the country.
CBN announces new age limit for BVN enrolment
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has introduced a new eligibility requirement for Bank Verification Number (BVN) registration, restricting enrolment to individuals who are at least 18 years old.
Under the revised rule, minors will no longer be eligible to obtain a BVN independently.
The measure forms part of the central bank’s updated regulations governing BVN operations and watchlist procedures within Nigeria’s banking sector.
Source: Legit.ng
