The Bank Verification Number (BVN) database reached 68.6 million registrations by March 2026, according to data from the Central Bank of Nigeria (CBN). The increase followed a new CBN directive requiring all bank customers to link their accounts to their BVN or face restrictions. The policy applies to both existing and new account holders across all deposit money banks in Nigeria. The CBN stated that the move is aimed at strengthening the security of the financial system and improving the accuracy of customer identification. Since the BVN system was introduced in 2014, it has been used to authenticate bank customers and reduce fraud. The latest surge in registrations reflects heightened compliance as the deadline for full account linking approaches. No official figure was provided for how many accounts remain unlinked.
The CBN's push for full BVN linkage underscores its reliance on biometric data to tighten financial oversight. With 68.6 million registered, nearly two-thirds of Nigeria's adult population now has a BVN. This expansion gives regulators greater visibility into financial transactions but also raises concerns about data privacy and exclusion risks for those unable to register. Any disruption from unlinked accounts could affect millions of customers and strain banking operations.
