The Bank Verification Number system has reached a major milestone as enrolments hit sixty seven point eight million while the number of active bank accounts in the country stands at three hundred and twenty five million. The figures reflect the growing penetration of financial services and the expanding digital footprint of the Nigerian banking sector.
Financial regulators say the BVN framework has significantly strengthened the integrity of the banking system by reducing identity fraud multiple account abuse and financial crimes. Since its introduction the system has become a central pillar of customer verification across financial institutions.
Officials of the Central Bank explained that the high number of active accounts compared to BVN registrations shows that many Nigerians still operate multiple accounts across different banks. While this reflects financial inclusion growth it also highlights the need for continued integration of biometric identity across platforms.
The Nigeria Inter Bank Settlement System stated that ongoing efforts are being made to link BVN with national identity numbers to create a unified digital identity ecosystem. This integration is expected to enhance security improve service delivery and simplify access to credit.
Economists say the growth in account ownership demonstrates increasing trust in the formal financial system driven by mobile banking agency banking and fintech innovations that have taken services to rural and underserved communities.
Fintech operators also see the milestone as validation of the digital revolution in financial services. They argue that BVN has provided a foundation for innovation by enabling safer digital payments lending and remittances.
However consumer advocates stress the importance of data protection as biometric systems expand. They urge regulators to enforce strict privacy standards to prevent misuse of personal information.
With financial inclusion now at the heart of economic policy experts believe that strengthening identity systems like BVN will remain critical to building a transparent resilient and inclusive economy.
