BVN Database Reaches 68.6 Million Amidst Stricter Central Bank Identity Management Regulations

Nigeria's BVN growth slows to 68.6 million in 2026. Explore how new CBN fraud watchlists and age limits are reshaping the national banking identity database.

By: AXL Media

Published: Apr 6, 2026, 10:17 AM EDT

Source: Information for this report was sourced from The Sun Nigeria

Decelerating Growth in National Identity Enrollment

The Nigerian banking sector has recorded a marked slowdown in the expansion of its Bank Verification Number database, which reached 68.6 million as of March 2026. Data provided by the Nigeria Inter,Bank Settlement System indicates that only 754,128 new registrations were added during the first three months of the year. This performance stands in contrast to 2025, when the system added 4.3 million users, a surge largely credited to initiatives allowing Nigerians living abroad to register their biometric data remotely.

Central Bank Tightens Oversight on Financial Identity

This downward trend in new registrations coincides with the introduction of a more rigorous regulatory framework by the Central Bank of Nigeria. According to a circular issued on March 12, 2026, the apex bank has mandated financial institutions to implement a temporary watchlist for accounts linked to suspicious transactions. Under these guidelines, a specific identification number can be flagged for up to 24 hours, during which time the account holder must be contacted to provide formal clarification regarding the nature of the identified activity.

New Age Restrictions and Linking Protocols

In a significant policy shift aimed at safeguarding the integrity of the banking system, the Central Bank has now restricted enrollment to individuals aged 18 and older. Furthermore, the revised rules introduce new limitations on administrative changes, permitting customers to update the phone number linked to their identity profile only once. These measures represent a strategic effort by the regulator to strengthen identity verification and reduce the potential for fraudulent manipulation within the domestic financial network.