The Central Bank of Nigeria (CBN) will implement new Bank Verification Number (BVN) rules starting May 1, 2026, introducing stricter controls to protect account holders and strengthen the country’s financial system.
Here are the key changes every customer should know:
1. Mobile Banking Device Restriction
Banking apps can now only be used on one device at a time. Logging in on a new phone will automatically deactivate access on the previous device and trigger additional authentication checks.
2. Fraud Watchlist
Any BVN linked to suspicious activity will be placed on a 24-hour temporary watchlist. During this time, affected accounts may be frozen or restricted while the bank verifies the customer’s identity.
3. Phone Number Change Limit
Customers can change the phone number tied to their BVN only once in their lifetime. This measure targets SIM-swap fraud. Account holders are advised to use a secure, long-term number—ideally one linked to their National Identification Number (NIN).
4. Minimum Age for BVN
Only individuals 18 years and older can enroll for a BVN. Minors will need to rely on banking products designed for children, managed by parents or guardians.
5. Transaction Capping
When a banking app is activated on a new device, customers will face a temporary transaction limit of ₦20,000 within the first 24 hours. This protects accounts even if they are compromised during setup.
What Customers Should Do Before May 1:
Confirm your BVN-linked phone number: Make sure it is secure, active, and permanent.
Update your details early: If a phone number change is necessary, do it before the one-time limit applies.
Prepare for stricter login processes: Switching devices or reinstalling apps will require additional authentication.
The new guidelines aim to curb fraud, safeguard identities, and ensure safer banking for all Nigerians.
