10 New BVN Rules Every Nigerian Must Know Before May 1 — Full Details

The Central Bank of Nigeria (CBN) has introduced 10 new guidelines to the Bank Verification Number (BVN) system, set to take effect from May 1, as part of efforts to strengthen financial security and reduce rising cases of digital banking fraud across the country.

According to Ireporter Online, the apex bank explained that the updated measures are aimed at improving the safety of mobile banking operations, tightening identity verification processes, and ensuring better control over device access linked to customer accounts.

Under the new framework, mobile banking applications will now be limited to a single device at any given time, while attempting to log in on a new device will automatically disconnect the previous one. Customers will also be required to undergo additional verification steps before gaining access when switching devices.

The CBN further stated that BVNs flagged as suspicious will be placed under a 24-hour monitoring watchlist, with financial institutions empowered to temporarily restrict or freeze accounts linked to such records where necessary. In addition, customers will only be allowed to change their BVN-linked phone numbers once, a move designed to curb SIM swap fraud and unauthorised account access.

The new rules also stipulate that only individuals aged 18 and above can register for a BVN, while minors will be required to operate bank accounts under the supervision of a guardian. Furthermore, transactions carried out on newly activated devices will be limited to ₦20,000 within the first 24 hours as an added security precaution.

The Central Bank noted that these reforms are part of broader regulatory efforts to enhance trust in Nigeria’s digital financial ecosystem and significantly reduce vulnerabilities exploited by cybercriminals.