Nigeria’s Bank Verification Number (BVN) database has climbed to 68.6 million registrations as of March 2026, ahead of new regulatory measures introduced by the Central Bank of Nigeria.
Data from the Nigeria Inter-Bank Settlement System shows that enrolments grew by about 2.7 million between December 2024 and March 2026.
Although BVN registrations have steadily increased over the years, the pace recorded in the first quarter of 2026 suggests a heightened rush by Nigerians to link their bank accounts.
Records indicate that enrolment rose from 63.5 million at the end of 2024 to 64.8 million in January 2025, and later reached 66.2 million by July 2025, according to Leadership.
BVN Explained
The BVN system, introduced by the Central Bank of Nigeria, is a biometric identification platform that connects all bank accounts owned by an individual to a single unique number.
It plays a key role in Nigeria’s financial system by improving Know-Your-Customer (KYC) compliance, reducing fraud, and enhancing the security of financial transactions.
New CBN Rule on BVN Updates
The spike in enrolment comes as the CBN rolls out a new policy limiting how often customers can change the phone number linked to their BVN. Under the new rule, such updates will only be allowed once in a lifetime, with implementation set for May 1, 2026.
The directive affects customers across major banks, including Access Bank, Zenith Bank, and United Bank for Africa, among others.
Reason Behind the Policy
According to the CBN, the policy is designed to strengthen security within Nigeria’s digital payment system, where mobile numbers are essential for authentication and account recovery.
Phone numbers linked to BVNs are used for one-time passwords (OTPs), transaction alerts, and other critical banking processes.
Because of their importance, fraudsters often target these numbers through SIM swap fraud and social engineering tactics to gain unauthorised access to accounts.
By restricting how frequently numbers can be changed, the apex bank aims to reduce such risks and close a major loophole exploited by cybercriminals.
