Nigeria's Central Bank reports over 13,000 BVNs linked to fraud

The Central Bank of Nigeria (CBN) disclosed that the number of Bank Verification Numbers (BVNs) on the industry fraud watchlist rose from 9,476 in 2024 to 13,117 in 2025, a 38.4% increase. Commercial banks, including Access Bank, Zenith Bank and United Bank for Africa, added 3,641 new BVNs during the year. The CBN said the rise reflects stronger fraud monitoring and compliance rather than a surge in actual fraud.

In the same period, consumer lending fell for the first time since 2019. Outstanding consumer credit dropped 19.89% to N3.78 trillion, with personal loans declining sharply. Conversely, retail loans grew 63.77% to N1.94 trillion, now accounting for 51.16% of total consumer credit. Consumer credit represented only 6.6% of private‑sector lending, down from 7.98% a year earlier, and short‑term loans continued to dominate bank credit.

The BVN database also expanded, with registrations increasing to 67.82 million and the number of bank accounts linked to BVNs rising to 368.92 million.