The Central Bank of Nigeria, CBN, has announced 10 new rules for the Bank Verification Number, BVN, system, with implementation scheduled to begin on May 1, 2026. The apex bank said the changes are part of efforts to curb fraud, tighten digital banking security and strengthen customer identity management across the banking sector.
The new framework will affect how customers use mobile banking applications, switch devices and update personal details linked to their BVN. The measures also introduce tighter controls around suspicious accounts, device changes and enrolment rules for minors.
The 10 new BVN rules are:
- Mobile banking applications will now be restricted to one device at a time.
- Logging in on a new device will automatically sign the user out from the previous device.
- Any switch to a new device will require additional verification before access is granted.
- Suspicious BVNs will be placed on a 24-hour watchlist for monitoring.
- Banks may temporarily restrict or freeze accounts linked to flagged BVNs.
- Customers will be allowed to change the phone number linked to their BVN only once.
- The phone number restriction is aimed at reducing SIM-swap fraud and unauthorised access to accounts.
- Only individuals aged 18 and above will be permitted to enrol directly for a BVN.
- Minors will be required to operate bank accounts under a parent or guardian.
- Transactions carried out on newly activated devices will be capped at ₦20,000 within the first 24 hours.
CBN said the updated rules are designed to improve the security of Nigeria’s banking system and protect customers from rising cases of digital fraud. The changes come as regulators continue to push for stronger safeguards in an increasingly digital financial environment.
Good move by Central Bank of Nigeria to strengthen security and tackle fraud – especially SIM-swap issues, but the one-device rule and stricter limits might be challenging for users. A balance between security and convenience will be key.
Yes, you got that right.