New Data Shows 2.14% Rise in BVN Enrolment As CBN, PenCom Issue Requirement Order

• There has been an increase in the number of Bank Verification Numbers as more Nigerians seek financial services
• The BVN is now a compulsory requirement for any financial service, as well as pension-related needs
• The need for a BVN has led to an increase in registrations, with figures now growing at a faster pace

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The rush to obtain Bank Verification Numbers (BVN) has intensified among Nigerians following new directives from the Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom), making it mandatory for financial and pension-related transactions.

According to new data released by the Nigeria Inter-Bank Settlement System, the number of BVN issued in Nigeria has climbed to 64.8 million in January 2025.

This is a 2.14% increase from the 63.5 million recorded at the end of 2024.

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Rise in BVN enrolment

The BVN is a centralised biometric identification system that utilises human characteristics such as fingerprints and signatures for enhanced real-time security.

It is an 11-digit unique identity for each individual across the Nigerian banking industry.

The Central Bank of Nigeria, in collaboration with all banks, launched the BVN on February 14 2014.

The BVN was designed to strengthen overall banking security and streamline authentication processes. It has been instrumental in reducing financial fraud, enhancing transaction security, and streamlining identity verification across the banking sector.

All bank customers within and outside Nigeria must register for a BVN, providing a unique and verifiable identifier across the Nigerian banking industry, even those with accounts in different banks.

The rise in electronic financial services and the demand for BVN for various services from the federal government and the CBN have helped increase the number of registered individuals.

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NIBSS data showed that in 2021, BVN enrolment stood at 51.9 million. By 2022, the figure rose to 56 million, indicating a 7.9% increase.

The trend continued in 2023, with enrolments reaching 60.1 million, representing a 7.3% growth compared to the previous year.

In 2024, BVN adoption surged to 63.5 million, driven by public awareness campaigns and the mandatory integration of BVN in financial services and government programmes.

By January 2025, the enrolment figure hit 64.8 million, adding 1.3 million new registrants, representing a 2.14% year-on-year growth.

How to Get a BVN

To obtain a BVN, Nigerians must visit their bank branch complete and submit the BVN Enrollment form.

An acknowledgment slip with a transaction ID will be issued, and within 24 hours, the BVN will be generated.

A previous report provided a detailed breakdown of how to get a BVN.

PenCom makes BVN new requirements for RSA

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Ealier, Legit.ng reports that PenCom has issued a directive mandating the inclusion of Bank Verification Numbers (BVN) for all Retirement Savings Account (RSA) registrations and data recapture processes.

This instruction was announced in a circular signed by A.M. Saleem, the Head of the Surveillance Department and will take effect on February 1, 2025.

PenCom also listed new requirements for RSA registration to simplify the process for formal sector employees, including letters of employment or appointment.

Source: Legit.ng