Nigerian Banks Add 2.7 Million New Accounts BVN-Linked Accounts Rise to 66 Million

Nigeria’s banking sector has witnessed significant growth, with 2.7 million new Bank Verification Number (BVN)-linked accounts added between December 2024 and July 2025 bringing the total to 66 million recent data from the Nigeria Inter-Bank Settlement System (NIBSS) shows.

The surge marks a steady increase from 64.8 million BVN-linked accounts recorded in January 2025 and 63.5 million at the end of 2024 reflecting enhanced efforts to deepen financial inclusion in the country.

Active bank accounts in Nigeria stood at 320 million as of March 2025 according to the latest figures, indicating further growth in banking services access.

However a gap remains between total active accounts and BVN registrations as individuals and businesses can link multiple accounts to one BVN.

The rise in BVN registration has been partly driven by the recent introduction of the Non-Resident Biometric Verification Number (NRBVN) in Abuja aimed at boosting engagement from Nigerians in the diaspora and enhancing remittance flows.

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso emphasized that the BVN system ensures the security of bank accounts and fosters trust across the financial sector.

The CBN has mandated banks to freeze accounts without BVN and National Identification Number (NIN) reinforcing the drive for integrity in the banking industry.

This growth in accounts and BVN linkage is seen as a positive step toward broadening financial access, protecting customers, and strengthening the Nigerian banking system amidst ongoing economic reforms.