The Central Bank of Nigeria is set to implement a fresh set of Bank Verification Number (BVN) regulations starting May 1, 2026, in a move aimed at reducing fraud, improving identity protection, and strengthening Nigeria’s financial system.
The updated guidelines introduce stricter controls on phone number changes, device access, and transaction limits, marking a significant shift in how customers manage and secure their bank accounts.
Key Changes Customers Should Know
1. One-time phone number update
Customers will now be allowed to change the phone number linked to their BVN only once in a lifetime. This measure is designed to tackle SIM-swap fraud. Users are advised to link their BVN to a secure and permanent number, preferably one connected to their NIN.
2. BVN restricted to adults
The apex bank has fixed 18 years as the minimum age for BVN registration. Minors will no longer be eligible for standalone BVNs, with parents expected to manage accounts through designated child-focused banking products.
3. 24-hour fraud watchlist
Any BVN flagged for suspicious activity will be placed on a temporary 24-hour watchlist. During this period, affected accounts may be restricted while verification is carried out.
4. Single device access
Mobile banking apps will now be limited to one device at a time. Logging in on a new device will automatically log out the previous one and trigger extra security checks.
5. ₦20,000 limit on new devices
Customers using a new device will face a temporary ₦20,000 transaction cap within the first 24 hours as an added safety measure.
What Customers Should Do
Before the deadline, users are encouraged to confirm their BVN-linked phone numbers, update necessary details early, and prepare for stricter login processes when switching devices.
A Move Toward Safer Banking
The new BVN framework reflects growing concerns over digital fraud and identity theft. While the rules may pose minor inconveniences, they are expected to enhance security and build greater trust in Nigeria’s banking system.
