CBN Tightens BVN Rules From May 1: 5 Key Things You Must Know

The Central Bank of Nigeria (CBN) has unveiled stricter guidelines for the Bank Verification Number (BVN) system, set to take effect from May 1, in a bid to enhance financial security and curb fraud across the nation’s banking sector.

The updated rules will govern how customers access mobile banking applications, switch devices, and update phone numbers linked to their BVN, forming part of the CBN’s efforts to combat rising cases of SIM-swap fraud and unauthorized account access.

Under the new framework, customers will be permitted to use their mobile banking app on only one device at a time. Logging in on a new device will automatically deactivate access on the previous device, while additional verification steps will be required when switching devices.

A temporary transaction limit has also been introduced for customers activating their banking app on a new device. Transactions conducted within the first 24 hours will be capped at ₦20,000, a measure designed to prevent fraudsters from transferring large sums immediately after gaining access to an account.

The CBN has further established a 24-hour fraud monitoring watchlist. Accounts suspected of suspicious activity may be flagged, with banks authorized to temporarily freeze accounts or place restrictions while investigations are ongoing.

Additionally, customers will now be limited to changing the phone number linked to their BVN only once in their lifetime, addressing security vulnerabilities from SIM-swap operations.

The central bank also clarified that only individuals aged 18 and above are eligible to enroll for a BVN, with minors required to operate accounts under guardian management. The CBN asserts that these measures will strengthen Nigeria’s digital banking ecosystem and significantly reduce the risk of financial fraud.