NIBSS Advocates Tighter Financial Security Amid 70.58 Million BVN Enrolments

Nigeria's BVN Enrolment Reaches 70.58 Million as Biometrics Becomes Key to Banking Security

Nigeria Inter-Bank Settlement System (NIBSS) said the Nigeria Bank Verification Number (BVN) had reached a total of 70,585,888 enrolled customers as of 19th October 2026. This shows how biometric identification is becoming an increasingly popular way to ensure security across banking services.

The number shows how the BVN has gone from being a legal requirement to a key security measure for many financial services within Nigeria. This includes identifying customers, opening accounts, preventing fraud, making payments, applying for credit, saving and using fintech and digital identification.

Why BVN Enrolment is Increasing

The BVN is a biometric method of authenticating someone. It ensures they are who they say they are at a given point in time by using a reliable unique identifier. It has increased as banks want to prevent any issues that can occur by people using passwords or PINs that can be easily guessed or hacked.

With digital banking and mobile money becoming more popular, banks are focusing on ensuring they know exactly who their customer is.

How it works

The BVN links the customer to their biometric information. This could include their fingerprint, photo of their face, or both. Once they sign up to the BVN they are given an 11 digit number which is the same across all Nigerian banks.

This reduces the risk of having duplicate accounts, pretending to be someone else and having unauthorised access. For the bank it gives them more confidence that they know who they are dealing with. This is especially important when dealing with higher risk services.

From Compliance to Core Infrastructure

The BVN was set up by the Central Bank of Nigeria (CBN) in 2014. This was to keep their customers and industry secure. It was a secondary form of identification with customers having to provide other valid forms of identification (driver's licence, international passport, national ID). The BVN adds an extra layer of biometric security.

It is now a core part of Nigeria's financial infrastructure. As stated by NIBBS all BVNs are enrolled using biometrics. They are registered using fingerprint, face recognition and personal details. This means they can be instantly verified against many institutions.

Having more people added to the BVN increases anti money laundering and counter terrorism financing. It will improve customer due diligence and stop users from having multiple identities across different banks.

Fast Tracking Enrolment

The system has been fast tracked which makes it more accurate and complete. The CBN requires Tier 2 and 3 accounts and wallets to be tied to both your NIN and BVN. Tier 1 accounts and wallets must be tied to at least one of your NIN or BVN.

In 2026 the CBN added extra security measures:

Limiting changing the phone number linked to the BVN to once.

Only allowing people aged 18+ to register for a BVN.

Creating a provisional list of suspicious BVNs.

Banks have also been told they need to improve security around mobile banking. This could include only allowing one device to use the app at a time and limiting certain transactions within a certain timeframe of setting up a new device.

What's Next?

Over 70.58 million Nigerians have successfully been enrolled onto the BVN. It is now a key security infrastructure within Nigeria's digital economy.

However experts warn that to be successful there will need to be constant investment into keeping data safe, detecting fraud and educating customers. Customers should not share their BVN with external sites.

Source: thesun.ng

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