The most recent NIBSS data, released in September, indicated that the registered BVNs numbered 58.7 million as of September 12, 2023.

Despite registration delays throughout the year, the recent statement from the Central Bank of Nigeria, stating that all bank accounts without a BVN would be frozen from April 2024, has propelled the BVN database slightly higher.

The latest statistic of 59.9 million implies that over 1 million new BVNs have been registered in the last three months alone.

Throughout this year, the BVN database has shown progressive growth. At the end of 2022, the BVN database stood at 56.5 million, with an additional 4.8 million registrations reported during the year.

In 2023, the BVN database has expanded by 3.4 million, with only a few days remaining until the year's end.

According to NIBSS, as of December 2021, the country had 133.5 million active bank accounts. Although data for 2022 and 2023 is yet to be released, the figures are expected to surpass those for 2021. This suggests a notable gap between the registered BVN and the number of bank accounts.

However, industry observers believe this difference is marginal, considering that several accounts can be linked to a single BVN.

The BVN, a unique identifier in the Nigerian banking system, allows individual accounts to be verified. NIBSS emphasizes that the BVN provides a unique identification that can be verified across the Nigerian banking system, safeguarding clients' bank accounts from unauthorized access.

Earlier this month, the CBN announced that accounts without a BVN and National Identification Number (NIN) would be frozen from April 2024. The central bank urged banks to implement a "Post no Debit" restriction on all existing Tier-1 accounts/wallets without BVN or NIN, preventing clients from making withdrawals, transfers, or other debits.

“Any unfunded account/wallet will be placed on ‘Post No Debit or Credit’ status immediately until the new process is completed.” “Effective March 1, 2024, all funded accounts or wallets will be placed on ‘Post No Debit or Credit’ and no further transactions will be permitted,” according to a circular issued by the CBN’s Director of Payments System Management Department Chibuzo Efobi and Director of Financial Policy and Regulation Department Haruna Mustapha.

It also stated that by January 31, 2024, all BVN or NIN tied to accounts/wallets must be electronically revalidated.