CBN Raises The Bar: You Must Be 18+ To Get A BVN

The Central Bank of Nigeria (CBN) has issued new directives aimed at enhancing electronic payment security, tightening oversight of the Bank Verification Number (BVN) system, and improving the management of dormant accounts and unclaimed funds. The guidelines were outlined in three separate circulars released on March 12, 2026, and sent to banks, financial institutions, and payment service providers nationwide.

As part of the new operational rules for instant payment services, financial institutions are required to allow customers to voluntarily opt out of instant transfers. Customers who deactivate the feature will be unable to send electronic payments for a selected period but may still conduct transactions in person at bank branches. The opt-in and opt-out process must be secured through multi-factor authentication. All new accounts will automatically be enrolled in instant payment services, with the option to adjust personal transaction limits, while the regulatory ceilings of ₦25 million for individuals and ₦250 million for corporate accounts remain unchanged. Financial institutions are also mandated to deploy real-time fraud monitoring systems and strengthen identity verification for online account opening and reactivation, including biometric checks and other security measures.

The CBN further directed that mobile banking applications be linked to a single device, requiring fresh authentication when installed on a new device. For the first 24 hours after activation on a new device, the maximum transaction limit is ₦20,000, with additional authentication required for first-time internet banking logins on new devices. These measures will take effect from July 1, 2026.

In amendments to the BVN regulatory framework, the CBN introduced temporary watchlists for BVNs suspected of fraudulent activity, allowing up to 24 hours for account holders to clarify transactions. The minimum age for BVN registration has been set at 18, and customers may change the phone number linked to their BVN only once. Access to BVN data is restricted to licensed financial institutions, with exceptions allowed under existing laws. These rules will be effective from May 1, 2026.

On the management of dormant accounts and unclaimed funds, the CBN now permits reactivation requests through secure alternative channels rather than solely at bank branches. The requirement for affidavits has been removed for accounts not yet transferred to the Unclaimed Balances Trust Fund, although affidavits remain necessary for funds already transferred. Banks are required to publish details of dormant accounts on their websites, in national newspapers, or via industry association platforms. State and unit microfinance banks may display the information at business locations. The CBN clarified that publishing such information complies with the Nigeria Data Protection Act 2023, as it is necessary for legal compliance and protecting account owners’ interests. These directives take immediate effect, replacing the previous circular issued on February 17, 2025.