The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) regulations set to take effect from May 1, 2026, in a move aimed at strengthening banking security and reducing fraud across Nigeria’s financial system.
The rules apply to banks, fintech firms, and other licensed financial institutions.
Stricter controls on BVN and banking access
Under the new framework, customers will face tighter restrictions on updating phone numbers, accessing mobile banking apps, and operating accounts on new devices.
The CBN said the measures are designed to tackle identity theft, SIM-swap fraud, and unauthorised access to accounts.
One-time phone number update
A major highlight of the policy is that BVN holders can now change their registered phone number only once in their lifetime. This is aimed at limiting fraud cases linked to compromised phone numbers and SIM swaps.
One device per banking app
The apex bank has also introduced a one-device-per-app rule. This means users can only operate their banking app on one device at a time, with automatic logout from any previously linked device whenever a new one is activated.
₦20,000 limit on new devices
Customers who log in on a new device will face a temporary ₦20,000 transaction cap within the first 24 hours. This is intended to prevent fraudsters from making large transactions immediately after gaining access.
Monitoring suspicious accounts
Banks can now place suspicious BVNs on a 24-hour watchlist, allowing temporary restrictions while investigations are carried out to prevent the movement of stolen funds.
New age restriction for BVN registration
The CBN has also set 18 years as the minimum age for independent BVN registration, meaning minors can only operate through guardian-linked accounts.
What it means for Nigerians
The new rules signal stricter oversight in the banking sector. While some users may find them limiting, the CBN maintains that the measures are necessary to improve security and protect customers as digital banking continues to expand.
It tends to be a good idea if measures are made in line with adequate structures.
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