By Adedapo Adesanya

The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025 from 63.5 million in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

The growth can largely be attributed to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024. The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country. The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

It explained that this is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business Post reports that BVN, launched in 2014, was introduced to establish a single, unique identity for every bank customer in Nigeria and to strengthen the overall financial system. By linking each customer’s biometric data to one verified number, it helps to curb financial fraud, identity theft, and impersonation, while improving customer identification and eliminating the practice of operating multiple bank accounts under different identities.

Beyond security, BVN improves oversight, reduces loan defaults, protects customers, and supports financial inclusion.

By Modupe Gbadeyanka

More than N270 million have been won in grants by about 608 young Nigerian entrepreneurs in the Unity Bank Corpreneurship Challenge since its inception in 2019.

The business grants were mainly won by graduates undergoing the mandatory one-year National Youth Service Corps (NYSC).

It is part of the lender’s Youth Entrepreneurship Development Initiative designed to equip fresh graduates with the funding, confidence, and support required to launch and scale viable businesses.

The Corpreneurship Challenge provides a competitive platform where corps members pitch business ideas, assessed on originality, feasibility, market demand, scalability, and job-creation potential. Successful participants receive financial grants to kick-start or expand their ventures, alongside exposure to business guidance and mentorship.

Unity Bank implemented the scheme through the Skill Acquisition and Entrepreneurship Development (SAED) programme of the NYSC.

In the most recent edition of the Corpreneurship Challenge, held between November 18 and December 9, 2025, across 10 NYSC orientation camps nationwide, 30 youth corps members emerged as winners during the Batch C, Stream I, 2025 exercise of the programme.

They were selected from orientation camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Enugu, Abia, the Federal Capital Territory (FCT), Akwa Ibom, and Plateau (Jos), after pitching innovative business ideas across diverse sectors of the economy.

Unity Bank’s cumulative investment in the Corpreneurship Challenge underscores its long-standing commitment to youth empowerment, MSME development, and job creation in Nigeria.

Speaking on the continued impact of the initiative, Unity Bank’s Divisional Head for Retail and SME, Mrs Adenike Abimbola, reaffirmed the financial institution’s belief in entrepreneurship as a catalyst for economic transformation.

“At Unity Bank, we recognise that entrepreneurship remains one of the most effective tools for tackling youth unemployment and driving inclusive economic growth.

“Through the Corpreneurship Challenge, we are not only providing financial support, but also instilling confidence in young graduates to transform viable ideas into sustainable businesses.

“Reaching over 600 beneficiaries since inception reinforces our belief in the immense potential of Nigeria’s youth,” she said.

Mrs Abimbola further emphasised the programme’s role in strengthening Nigeria’s MSME ecosystem and creating long-term economic value.

“Small and medium-scale enterprises are the backbone of any resilient economy. By supporting corps members at the earliest stage of their entrepreneurial journey, we are helping to build businesses that can create jobs, stimulate local economies, and contribute meaningfully to national development. Our focus is on impact that goes beyond grants, impact that translates into lasting livelihoods,” she added.

Since its launch, the initiative has supported youth-led businesses across value chains, including fashion, agribusiness, food processing, creative services, manufacturing, and retail. Over the years, it has become an integral part of the NYSC experience, attracting thousands of applications annually and earning national recognition for its contribution to youth empowerment.

By sustaining and expanding the Corpreneurship Challenge, Unity Bank continues to reinforce its role as a strategic partner in Nigeria’s entrepreneurial and MSME development landscape.

By Adedapo Adesanya

The Managing Director of First Bank of Nigeria Limited, Mr Olusegun Alebiosu, has said lower interest rates and the ongoing bank recapitalisation exercise would significantly boost the bank’s credit expansion in 2026.

He noted that Nigeria was entering 2026 with stronger economic momentum as reforms begin to stabilise markets, lift investor confidence and unlock new growth opportunities.

Mr Alebiosu made this disclosure while speaking at the lender’s Nigeria Economic Outlook 2026, a hybrid forum in Lagos.

He said the outlook reflected a gradual but clear economic recalibration, driven by policy discipline, financial sector reforms and renewed momentum in productive sectors.

According to him, in spite of inflationary pressures, currency realignments and external shocks, Nigeria had demonstrated resilience through innovation and structural reforms. This, he added, had positioned the economy for sustained recovery.

Mr Alebiosu said the annual forum had evolved into a strategic platform for shaping ideas, sharing insights and identifying pathways for inclusive and sustainable growth amid global uncertainty.

He reaffirmed the bank’s commitment, noting that the institution’s 131-year legacy remained anchored on supporting national development through strong capital buffers, digital transformation and effective financial intermediation.

“Nigeria’s competitiveness will depend on disciplined reforms, investment in human capital, scalable infrastructure and strong public-private collaboration,” he said.

He added that effective partnerships between government and the private sector would be critical to unlocking growth opportunities, while the forum’s sessions would offer practical guidance on managing volatility and identifying growth-driving sectors.

He said Nigeria was entering a new phase of macroeconomic stability.

The First Bank MD said this is supported by easing inflation, stronger manufacturing output and renewed investor confidence, adding that lower interest rates and the ongoing bank recapitalisation exercise would significantly boost credit expansion in 2026.

“Banks now have more liquidity and the environment is improving. Lending will naturally increase, provided we avoid reckless credit decisions,” he said.

Mr Alebiosu urged Nigerians in the diaspora to reconsider holding savings in foreign currencies, noting that returns on naira-denominated assets were increasingly outperforming foreign holdings.

“With an appreciating naira, keeping money abroad is a waste of time,” he said.

He also cited rising industrial activity and the decentralisation of power generation as key catalysts for real-sector growth, adding that falling food and fuel prices indicated easing market distortions.

According to him, stronger external reserves and rising foreign inflows have improved Nigeria’s buffers against volatile capital movements.

“If $10 billion in hot money leaves today, we can pay and not blink,” Mr Alebiosu said.

He projected economic growth of between seven and 10 per cent in 2026, including during the election period, which will buffer the sector against any crisis.

“There will be no crisis. The economy is racing, and after the election you will see accelerated growth far higher than we have ever seen,” he added.