The Central Bank of Nigeria (CBN) has revealed that the number of Bank Verification Numbers (BVNs) linked to fraud on the banking industry’s watchlist rose to 13,117 in 2025, up from 9,476 in 2024 — a 38.4% increase — according to the CBN’s 2025 Annual Report and Statement of Accounts. Commercial banks, including Access Bank, Zenith Bank, and United Bank for Africa, added 3,641 new BVNs to the watchlist during the year.

The report also showed that the number of BVNs belonging to deceased persons on the watchlist increased from 21,118 to 28,754, as part of efforts to clean up customer records and curb identity-related fraud. Nigeria’s overall BVN database continued to expand, with registered BVNs rising from 64.4 million in 2024 to 67.82 million in 2025 — an addition of 3.42 million new registrations. Bank accounts linked to BVNs grew from 297.29 million to 368.92 million, while active accounts climbed from 311.6 million to 339.26 million.

The CBN stated that the rising registration numbers reflect progress in financial inclusion, stronger regulatory compliance, and improved integrity within Nigeria’s banking system — even as fraud-linked flags increase alongside tighter detection and monitoring efforts.