The Central Bank of Nigeria (CBN) has issued new regulations regarding Bank Verification Numbers (BVN) and mobile banking applications, aimed at enhancing account security and curbing financial fraud. These rules, communicated by Ecobank Nigeria to its customers, take effect from May 1, 2026, for BVN-related changes and July 1, 2026, for mobile app payment modifications.
Eight New Rules for BVN and Mobile Banking
1. Fraud Watchlist for BVN
If a BVN is linked to a fraudulent transaction reported by any financial institution, it may be placed on a temporary watchlist for 24 hours. During this period, the affected customer will be contacted by their bank to clarify the issue, and accounts may be temporarily restricted.
2. Age Limit for BVN Enrollment
BVN enrollment is now restricted to individuals aged 18 years and above. Minors are no longer eligible to obtain a BVN.
3. One-Time Phone Number Change
The phone number linked to a BVN can only be changed once. Customers are advised to ensure their registered number remains active and to update it if deactivated before May 1, 2026.
4. One Device at a Time for Mobile Banking
Mobile banking applications will only be operational on one device at a time. Switching devices requires full re-authentication before usage is granted.
5. Transaction Limits on New Devices
Upon activation of a new device on the mobile banking app, a transaction limit of 20,000 naira will be enforced for the first 24 hours.
6. Opt-Out for Instant Payments
Customers have the option to opt out of instant payment services. If they choose to opt out, online transfers will be blocked, though transfers can still be made at the bank.
7. Personalized Transaction Limits
Customers can customize their individual transaction limits to an amount lower than the regulatory limit, giving them more control over their account security.
8. Strengthening Fraud Prevention
These measures are designed to combat the rising incidence of SIM-swap fraud and other illicit activities that lead to account takeover.
Background on BVN Age Limit
Previously, Legit.ng reported that the CBN announced that only individuals aged 18 years and above would be eligible for BVN enrollment. This directive was part of a circular issued to banks, financial institutions, and payment service providers, forming an addendum to the revised regulatory framework for BVN operations and watchlist guidelines. The apex bank mandated financial institutions to create and maintain a temporary watchlist for BVNs linked to suspicious transactions.
