The Central Bank of Nigeria (CBN) is set to implement new Bank Verification Number (BVN) guidelines from May 1, 2026, introducing tighter controls aimed at improving security, reducing fraud, and strengthening trust in Nigeria’s banking system.
Here’s what you need to know:
1. One-Time Phone Number Change
Customers will now be allowed to change the phone number linked to their BVN only once. This is designed to prevent identity manipulation and unauthorised access to bank accounts.
2. 24-Hour Fraud Watchlist Window
Any BVN linked to suspicious transactions may be placed on a watchlist for up to 24 hours. During this period, certain transactions could be restricted while investigations are carried out.
3. Age Limit for BVN Registration
BVN enrollment is now restricted to individuals aged 18 and above. This effectively excludes minors from obtaining a BVN under the new policy.
4. Restricted Access to BVN Data
Only licensed financial institutions will have access to BVN data. The move is expected to improve customer privacy and reduce the risk of data misuse.
5. Real-Time Transaction Monitoring
Banks are required to monitor transactions in real time to detect suspicious activities quickly and respond promptly.
6. Transaction Limits on New Devices
For the first 24 hours after activating banking services on a new device, customers will be limited to transactions not exceeding ₦20,000. This applies to both new and existing accounts.
7. One Device Per App Use
Customers will only be able to access their banking app on one device at a time, enhancing control and reducing exposure to fraud.
8. Mandatory Multi-Factor Authentication
All transactions will require multiple layers of verification, adding an extra level of protection against unauthorised access.
The Big Picture
The CBN’s updated BVN rules signal a shift toward stricter digital banking regulations in Nigeria. While the measures may introduce some limitations for users, they are largely targeted at safeguarding financial transactions and strengthening confidence in the banking system.
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