Despite the rise in active accounts, only 66.2 million Bank Verification Numbers (BVNs) were registered as of July 2025.
The number of active bank accounts in Nigeria rose to 320 million as of March 2025, according to the Nigeria Inter-Bank Settlement System (NIBSS). This marks an increase of 8.4 million from 311.6 million recorded at the end of 2024. “Access to a transaction account is the first step toward broader financial inclusion,” the World Bank noted.
However, dormant accounts surged by 70%, rising from 19.5 million to 33.3 million within the first quarter. NIBSS also reported that closed accounts now total 29.4 million. Dormant accounts are those with no activity for 12 months and are flagged by banks to reduce fraud risk.
Despite the rise in active accounts, only 66.2 million Bank Verification Numbers (BVNs) were registered as of July 2025. Analysts attribute this gap to multiple accounts linked to single BVNs. The CBN previously warned that accounts without BVN or NIN would face a “Post no Debit” restriction from April 2024, prohibiting withdrawals and transfers.