CBN affirms new BVN guidelines to protect financial system take effect May 1

*The Central Bank of Nigeria affirms the new set of 10 Bank Verification Number guidelines, which become effective from May 1, 2026, are designed to prevent fraud, strengthen identity protection, and safeguard the country’s financial system

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has affirmed the implementation of its new set of 10 Bank Verification Number (BVN) guidelines commence from Friday, May 1, 2026.

The CBN, in a recent circular, said every bank account holder must have knowledge of the fresh major rules before the set deadline.

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ConsumerConnect reports the country’s banking sector regulator also noted the monetary framework has introduced tighter controls on bank customer’s phone number changes, device usage, and transaction limits in the financial ecosystem.

The Bankers’ Bank further explained the move is to curb fraud, strengthen identity protection, and safeguard Nigeria’s financial system.

Major changes taking effect from May 1 this year are as follows:

Mobile banking app

Mobile banking apps will now be restricted to one device at a time.

Logging into your banking app on a new device will automatically deactivate access on the previous one and trigger additional authentication checks.

Fraud watchlist window

Banks are now required to place any BVN linked to suspicious activity on a temporary 24-hour watchlist.

During this period, affected accounts may be restricted or frozen while the bank contacts the customer for verification.

Phone number change

Under the new rules, customers can now change the phone number linked to their BVN only once in their lifetime.

The policy targets rising cases of SIM-swap fraud, where criminals take over phone numbers to gain access to bank accounts. Customers are advised to link their BVNs to secure, long-term phone numbers —preferably ones already tied to their National Identification Numbers (NINs).

Minimum age limit

The CBN has set 18 years as the minimum age for BVN enrollment.

This means minors will no longer be allowed to hold independent BVNs. Instead, parents and guardians must rely on structured banking products designed for children to manage funds on their behalf.

Transaction capping

Customers activating their banking apps on a new device will face a temporary transaction limit of ₦20,000 within the first 24 hours.

This restriction acts as a safety buffer, ensuring that even if an account is compromised during setup, the amount that can be moved is significantly limited.

Systemic fraud Monitoring: Enhanced tracking of fraudulent activities within the banking system, with stricter reporting protocols.

Enhanced security protocol

Implementation of Strong Customer Authentication (SCA) similar to European standards, aimed at protecting user identity.

What bank customers should do before May 1

• Bank customers are urged to take proactive steps to avoid disruptions in their banking transactions:
• Confirm your BVN-linked phone number: Ensure it is active, secure, and permanently yours.
• Update details early: If you must change your number, do so before the deadline to avoid being locked into the one-time limit.
• Be prepared for stricter login processes when switching phones or reinstalling banking apps.

Under the new rule, the industry regulator directed the financial institutions must establish and maintain a temporary watchlist for BVNs linked to suspicious transactions reported within the banking system.

The CBN restated the fresh changes are aimed at enhancing security in Nigeria’s digital banking ecosystem and reduce fraud.

Consumers of financial products and services, therefore, are advised to verify their BVN details and ensure their registered phone numbers are active before the regulatory deadline.

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