The Central Bank of Nigeria (CBN) has issued a new directive introducing sweeping changes to the operation of the Bank Verification Number (BVN), with implementation scheduled to commence on May 1, 2026.
The policy, aimed at strengthening the security of Nigeria’s banking system, outlines stricter controls on mobile banking access, BVN management, and transaction monitoring as part of efforts to curb rising cases of fraud and unauthorized account usage.
Under the new directive, customers will be restricted to operating mobile banking applications on only one device at a time. Logging into a new device will automatically terminate any existing session on a previously used device. In addition, customers seeking to switch devices will be required to undergo enhanced verification processes before access is granted.
The apex bank also directed that BVNs flagged for suspicious activities be placed on a 24-hour watchlist, during which banks are mandated to closely monitor associated transactions. Financial institutions are further empowered to temporarily restrict or freeze accounts linked to such BVNs pending the outcome of investigations.
As part of measures to address identity-related fraud, the CBN has limited the number of times a customer can change a BVN-linked phone number to once, noting that the move is designed to tackle cases of SIM-swap fraud and unauthorized access.
The directive further stipulates that transactions carried out on newly activated devices will be capped at ₦20,000 within the first 24 hours to minimize potential losses from compromised accounts.
Reinforcing existing Know-Your-Customer (KYC) guidelines, the CBN maintained that only individuals aged 18 years and above are eligible to enroll for BVN, while minors are to operate bank accounts under the supervision of a parent or legal guardian.
The new policy is expected to take immediate effect across all deposit money banks and financial institutions, with the CBN urging strict compliance.
Industry stakeholders have described the directive as a proactive step toward enhancing digital banking security and restoring public confidence in the financial system, even as customers are advised to familiarize themselves with the new requirements to avoid disruptions in banking services.
