The Central Bank of Nigeria (CBN) has announced new Bank Verification Number (BVN) regulations that will take effect from May 1, 2026, aiming to strengthen banking security and reduce rising fraud cases in the financial system.
Key Changes in BVN Regulations
The new rules apply to all deposit money banks, payment service providers, fintech platforms, and other licensed financial institutions in Nigeria. Customers will face tighter controls on phone number changes, mobile banking access, transaction limits on new devices, and stricter monitoring of suspicious accounts.
One-Time Phone Number Change
One of the most significant changes restricts BVN-linked phone number updates to once in a lifetime. This policy targets SIM-swap fraud, where criminals gain access to bank accounts by taking control of registered phone numbers. Customers are advised to exercise caution when updating contact details.
One Banking App, One Device Rule
The CBN introduces a strict one-device-per-app policy for mobile banking. Customers can only actively use their banking app on one device at a time. Logging into a new phone automatically logs out the previous device, reducing unauthorized access and strengthening identity verification.
Transaction Cap on New Devices
Customers logging into banking apps on a new device will face a temporary transaction cap of N20,000 within the first 24 hours. This security layer prevents immediate large withdrawals or transfers in cases of suspicious access. Normal limits are restored after identity checks.
24-Hour Watchlist for Suspicious BVNs
Banks can place suspicious BVNs on a 24-hour fraud watchlist, freezing or restricting affected accounts while conducting identity verification. This improves response time in fraud investigations and prevents rapid movement of stolen funds.
BVN Registration for Adults Only
Only individuals aged 18 and above can independently register for a BVN. Minors cannot obtain standalone BVNs except through guardian-linked arrangements approved by banks.
Implications for Nigerians
The reforms signal a tougher regulatory approach to financial security as digital banking adoption rises. Customers must exercise greater caution when switching devices, updating phone numbers, or opening accounts. While some may see the rules as strict, the CBN insists they are necessary to protect users and restore confidence in Nigeria's banking system.
