Bank Verification Number (BVN) enrollments in the country rose by 6.87 per cent , or 4.36 million, to 67.84 million as at the end of December 2025 from 63.48 million in the corresponding period of the preceding year, according to latest data released by the Nigeria Interbank Settlement System (NIBSS).

This means that a total number of 4.36 million BVN enrolments were recorded between the end of December 2024 and the end of last year.

The BVN scheme was launched on February 14, 2014 by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee, NIBSS and the German firm, Dermalog, with the aim of capturing biometrics of all bank customers and giving each bank customer a unique 11-digit identity number (BVN) that can be verified across the Nigerian banking industry.

Lamido Sanusi, governor of the CBN, at the time, said at the event that the BVN scheme would enable the apex bank to significantly reduce incidents of fraud and money laundering in the banking industry and also help accelerate financial inclusion by opening up opportunities for credit to millions of Nigerians who do not have a standard means of identification.

In October 2017, the CBN released a regulatory framework for BVN operations and Watchlist for the financial system. It stated that the Watchlist comprises a database of bank customers identified by their BVNs, who have been involved in confirmed fraudulent activities in the Nigerian banking industry.

An analysis of the latest NIBSS data shows that BVN enrollment maintained an upward trend in the last five years, rising from 51.90 million in 2021 to 56.90 million and 60.12 million in 2022 and 2023 respectively, before hitting 63.48 million in 2024 and 67.84 in 2025.

Analysts attribute the rise in BVN enrolments in recent years to policy measures introduced by the CBN as part of its efforts to tackle fraud.

For instance, on December 1, 2023, the apex bank issued a circular directing Deposit money banks (DMBs) Non-interest banks, Payment Service Banks, other financial institutions and mobile operators, to ensure that all funded bank accounts or wallets, without BVN or National Identification Number (NIN) are placed on “Post No Debit or Credit,” by April 1, 2024.

The Board of Directors of Pawnith Limited has announced the appointment of Martina Ogbebor as Managing Director and Chief Executive Officer. The appointment coincides with the official launch of Pawnith as a sophisticated new entrant in Nigeria’s financial services and alternative investment landscape.

Pawnith Limited is a technology-enabled financial services platform established to address critical gaps in access to capital by delivering transparent, dignified, and scalable financing solutions.

The Board confirmed that Ms. Ogbebor’s appointment is central to a long-term strategy that combines the operational rigor of traditional finance with the speed, efficiency, and innovation of modern fintech.

Ms. Ogbebor brings over 15 years of senior leadership experience across the telecommunications and digital infrastructure sectors, where she has led brand transformations and nationwide revenue growth initiatives.

Her appointment signals Pawnith’s intent to build a high-trust financial institution anchored on strong governance, regulatory discipline, and long-term value creation.

“The Board is confident that Martina’s experience in building high-trust, regulated brands positions her uniquely to lead Pawnith at this critical stage,” said the Chairman of the Board.

“Her mandate is clear: to establish a disciplined capital platform that delivers rapid access to funding while upholding the highest standards of ethics, risk management, and corporate governance.”

Under Ms. Ogbebor’s leadership, Pawnith is launching a multi-segment capital model designed to evolve into a comprehensive financial services and alternative investment ecosystem.

The company’s initial portfolio spans personal credit solutions, offering short- to medium-term loans for salaried professionals with transparent pricing and rapid disbursement, alongside SME and business lending focused on working capital and growth financing to help entrepreneurs stabilise cash flow and scale operations.

The portfolio also includes asset-backed lending, providing secure, collateralised facilities that support fair valuations and flexible liquidity, as well as structured lending through a forthcoming private credit arm aimed at delivering institutional-grade financing to growing enterprises.

In addition, Pawnith offers private equity investment solutions, providing strategic growth capital to select businesses and partnering with founders to drive long-term value creation, stronger governance, and operational scale.

Pawnith’s digital infrastructure prioritises speed, security, and control. The platform features secure onboarding, automated Know Your Customer (KYC) verification, and structured repayment tracking to ensure a seamless and compliant experience for both individual and corporate clients.

“Pawnith is being built as a disciplined financial platform—one that customers, partners, and regulators can trust,” the Board added. “We are not a quick-win lender; we are building a cornerstone institution for Nigeria’s evolving credit and investment market.”

PalmPay has opened a new office at 33 Old Yaba Road, Lagos, reinforcing its commitment to innovation, customer service, and operational growth in Nigeria.

The new office represents a continued investment in PalmPay’s people, operations, and infrastructure, supporting the company’s ability to deliver reliable financial services at scale. Designed to accommodate PalmPay’s growing team, the workspace enables closer cross-functional collaboration while strengthening service delivery nationwide. Located in Yaba, one of Lagos’s most established commercial and technology corridors, the office further anchors PalmPay within Nigeria’s innovation and financial ecosystem.

Speaking at the office launch, Managing Director Chika Nwosu highlighted that the new workspace reflects PalmPay’s long-term vision and dedication to excellence. “This new office represents an important step in our growth journey and our commitment to building secure, reliable, and inclusive financial solutions for our users,” he said.

The launch event was attended by PalmPay’s leadership team, employees and customers, who toured the facility and marked the company’s continued growth and progress.

With the opening of its office at 33 Old Yaba Road, PalmPay continues to strengthen its presence in Nigeria and reaffirm its mission to drive financial inclusion through innovative digital solutions.

PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.