nibss

Nigerians’ appetite for stronger digital identity protection has pushed Bank Verification Number (BVN) enrolments to 69,972,475 as of August 23, edging closer to the 70 million mark and underscoring the growing role of biometric authentication in the banking system.

Data obtained from the Nigeria Inter-Bank Settlement System (NIBSS) website on wednesday showed that BVN enrolments rose from 69,789,193 recorded on August 3, adding nearly 183,000 new registrations over three weeks.

That pace marks a notable pickup from the 63,336 increase logged between July 27 and August 3, suggesting that adoption of biometric identification across the financial industry is gathering momentum rather than slowing.

The acceleration is consistent with the broader upward trend in Nigeria’s BVN database, which stood at 69.55 million in early July 2026 before climbing steadily through the following weeks. The trend points to continued expansion of Nigeria’s identity infrastructure at a time when banks and customers face rising concerns over account security, cyber fraud, and the compromise of conventional authentication tools such as passwords and personal identification numbers.

In an increasingly digital banking environment, biometrics has become a more trusted layer of verification, particularly for access to sensitive financial services and personal information.

The BVN system, introduced by the Central Bank of Nigeria (CBN) and managed by NIBSS, has become a key instrument for reducing fraud and strengthening the integrity of the banking ecosystem.

By linking customers’ biometric data to their bank records, the system makes it easier for banks to verify identity, track duplicate accounts, and reduce the use of false credentials.

For many financial institutions, BVN is now central to customer onboarding, compliance checks, and transaction security.

The climb toward 70 million suggests that more Nigerians are still being drawn into the formal banking system, with the recent uptick in weekly enrolments hinting at renewed urgency around identity verification.

The latest data also highlights the resilience of the biometric framework as banks continue to push digital services across mobile, internet, and agency banking channels.

As more transactions move online, the importance of reliable identity verification has become more pronounced. According to NIBSS, biometric authentication is increasingly being viewed as a practical answer to the weaknesses of traditional security methods.

“Passwords can be forgotten, stolen or guessed, while PINs can be compromised through phishing, social engineering or device intrusion. Biometrics, by contrast, uses physical characteristics such as fingerprints or facial features, making unauthorised access harder to achieve. That advantage has made biometric systems more attractive to banks, regulators and fintech operators seeking to reduce operational and security risks,” the central infrastructure body said.

A stronger identity framework can help bring more people into the banking system by making account opening and verification easier, faster, and more reliable. For rural and underserved populations, biometric identity can also reduce documentation barriers that have historically limited access to formal financial services. In that sense, BVN is not only a fraud-prevention tool but also an infrastructure platform for expanding access.

At the same time, the continued growth of BVN enrolments may help deepen confidence in the banking system. Customers are more likely to trust digital channels when they believe their identities and funds are better protected. That trust is important for savings mobilisation, payments adoption, and broader financial sector stability.

As banks continue to digitise, the effectiveness of biometric authentication could become a competitive differentiator. For the banking industry, biometric authentication is no longer an optional upgrade but a core requirement in an era of rising digital fraud risks.

If the current pace of growth holds, Nigeria’s BVN database could cross the 70 million threshold within the next few weeks, marking a symbolic milestone in the country’s push toward a more secure and inclusive digital identity system.

The post NIBSS: BVN enrolment gains momentum, nears 70m appeared first on The Sun Nigeria.