The Central Bank of Nigeria has introduced new rules for the Bank Verification Number (BVN) system, with changes set to take effect from May 1, 2026. The policy aims to strengthen banking security and reduce rising cases of fraud across Nigeria’s financial system.
Under the new rules, Nigerians can now change the phone number linked to their BVN only once in a lifetime.
The regulator says the move targets SIM-swap fraud, where criminals hijack phone numbers to gain access to bank accounts. Mobile numbers play a critical role in receiving transaction alerts, one-time passwords, and account recovery.
New Age Limit for BVN Registration
The CBN has also set 18 years as the minimum age for BVN enrolment.
This means minors will no longer have independent BVNs. Instead, parents or guardians must manage their accounts through structured banking products.
Tighter Controls on Banking Access
The updated guidelines introduce stricter controls on how customers access their accounts.
Banks will now restrict mobile banking apps to one device at a time. Logging into a new device will automatically log out the previous one and may require additional verification.
In addition, transactions on newly activated devices will be limited within the first 24 hours to reduce potential losses in case of fraud.
Fraud Watchlist and Monitoring
The new rules also require banks to place suspicious BVNs on a temporary watchlist.
During this period, accounts linked to flagged BVNs may face restrictions while verification is carried out. This measure is designed to stop fraudulent transactions before funds are lost.
What It Means for Nigerians
The CBN says the changes are necessary as digital banking grows and fraud becomes more sophisticated.
Customers are advised to link their BVN to a secure and permanent phone number and update their details before the new rules take effect.
While the measures may cause some inconvenience, regulators believe they will improve trust, security, and accountability in Nigeria’s banking system.
