Nigeria’s banking sector strengthened its fraud detection framework in 2025, with the number of Bank Verification Numbers (BVNs) on the industry’s fraud watchlist rising by 38.4% to 13,117, according to the Central Bank of Nigeria’s 2025 Annual Report.
- +Fraud watchlist expands by 38% as banks flag 13,117 BVNs in 2025
The increase, from 9,476 recorded in 2024, came as the apex bank deepened oversight of the financial system and expanded the use of the BVN platform to improve compliance and protect the integrity of banking transactions.
The increase, from 9,476 recorded in 2024, came as the apex bank deepened oversight of the financial system and expanded the use of the BVN platform to improve compliance and protect the integrity of banking transactions.
The report stressed that the growth in flagged BVNs reflected stronger fraud monitoring and resolution processes rather than a weakening of the financial system.
The latest figures show that financial institutions placed an additional 3,641 BVNs on the fraud watchlist during the year, marking one of the strongest annual increases since the introduction of the biometric identity system.
The CBN said the development was part of broader improvements in compliance and risk management across the banking industry.
Another category that recorded a notable increase was deceased persons’ BVNs on the watchlist, which climbed to 28,754 in 2025 from 21,118 a year earlier, representing a 36.2% increase. The trend points to intensified efforts to update customer records and reduce opportunities for identity misuse within the financial system.
While the fraud watchlist expanded, the BVN ecosystem also recorded steady growth in customer enrolment and account linkage.
According to the CBN, the combined growth in enrolment, linked accounts and active accounts demonstrates continued customer onboarding and wider adoption of formal banking services.
The apex bank said developments within the BVN ecosystem in 2025 reflected “sustained financial inclusion, improved compliance, and strengthened integrity of the BVN system.”
The expansion of the BVN database formed part of wider reforms undertaken by the CBN to reinforce Nigeria’s payments infrastructure during the year.
The report revealed that attempted fraud transactions amounted to N187.79 billion during the six-year period, with fraudsters successfully siphoning N134.48 billion across banking and payment channels including ATMs, internet banking, mobile banking, point-of-sale terminals, e-commerce platforms, web channels, cheques and over-the-counter transactions.
Against the backdrop of rising fraud risks, the CBN’s Payments System Vision 2028 places cybersecurity, consumer protection and risk management at the centre of the country’s digital payments strategy.
