Non-Resident Registration Pushes BVN Enrollments To 66.2m In July

The Financial institution Verification Quantity (BVN) database rose to a brand new excessive in July 2025, with complete enrollments climbing to 66.23 million, a 4.3 per cent enhance inside the first seven months of the 12 months, as Nigerians residing exterior the nation enrolled via the Non-Resident BVN (NRBVN) initiative.

The Central Financial institution of Nigeria (CBN) had, earlier this 12 months, launched the NRBVN, alongside the Non-Resident Nigerian Atypical Account (NRNOA) and the Non-Resident Nigerian Funding Account (NRNIA), to draw diaspora investments into the nation.

Subsequently, business banks with worldwide licences took up the problem, launching roadshows to assist Nigerians overseas open accounts and enrol within the biometric identification system. This effort drove up the variety of enrollments from the 63.48 million recorded as of December 2024.

Based on the newest figures from the Nigeria Inter-Financial institution Settlement System (NIBSS), 2025 is shaping as much as be one of the crucial energetic years for BVN registration since 2021. Over the previous 4 years, BVN progress has maintained a gradual upward pattern: from 51.9 million in 2021, enrollments rose by 7.9 per cent to 56 million in 2022, adopted by a 7.4 per cent enhance to 60.1 million in 2023.

Progress moderated barely in 2024, with a 5.6 per cent rise, however the 4.3 per cent enhance already recorded by mid-2025 suggests this 12 months might surpass final 12 months’s complete by December.

The NRBVN allows Nigerians residing overseas to enroll for BVNs remotely, eliminating the necessity to go to financial institution branches in Nigeria. At a value of $50, the initiative has considerably broadened the system’s attain and strengthened diaspora engagement with the nation’s formal monetary providers.

The spike in non-resident enrollments has additionally been supported by stricter Know Your Buyer (KYC) necessities throughout the banking sector and deeper collaboration with fintechs that streamline the onboarding course of. Collectively, these efforts have strengthened the BVN’s position as a cornerstone of digital identification and monetary inclusion in Nigeria.

Alongside the rise in BVN registrations, the banking sector is witnessing elevated account exercise. As of March 2025, the variety of energetic financial institution accounts reached an all-time excessive of 320.053 million. Dormant accounts stood at 33.4 million, whereas 29.4 million accounts had been closed. This compares to barely decrease figures in February, which recorded 316.8 million energetic accounts, 19.9 million dormant accounts, and 33.3 million closures.

The rebound in March factors to a rising variety of Nigerians re-engaging with the formal banking system, aligning with broader efforts by monetary establishments and regulators to advertise entry, belief, and compliance inside the monetary sector.