CBN UNVEILS NEW BVN GUIDELINES TO COMBAT FRAUD AND BOOST SECURITY
Cardoso: CBN Governor
The Central Bank of Nigeria (CBN) has rolled out new Bank Verification Number (BVN) guidelines effective May 1, 2026, targeting fraud and enhancing identity protection in the financial system.
The updated framework introduces tighter controls on phone number changes, device usage, and transaction limits.
Key changes include:
1. One-time phone number change: Account holders can change their BVN-linked phone number only once in their lifetime to prevent SIM-swap fraud.
Customers are advised to link their BVN to a secure, long-term phone number, preferably one tied to their National Identification Number (NIN).
2. BVN registration age limit: Only individuals 18 years and above can enroll for BVN.
Minors will no longer have independent BVNs; instead, parents/guardians will use structured banking products for children.
3. 24-hour fraud watchlist: Banks will place BVNs linked to suspicious activity on a temporary watchlist, restricting transactions for 24 hours while verifying customer details.
4. One device per banking apps: Mobile banking apps will be restricted to one device at a time, with additional authentication checks on new devices.
5. ₦20,000 transaction cap on new devices: Temporary transaction limit for new device activations to prevent large fraudulent transactions.
The CBN urges customers to:
– Confirm their BVN-linked phone number is active and secure.
– Update details early to avoid disruptions.
– Secure devices for stricter login processes.
– Be cautious of phishing attempts and report suspicious activities.
The new guidelines reflect growing concerns over digital fraud and identity theft in Nigeria’s banking sector.
With these measures, the CBN aims to restore confidence in digital banking systems and protect customers’ accounts.
Customers are advised to act now to avoid disruptions when the rules take effect on May 1, 2026.
The CBN’s latest move is part of its broader effort to strengthen financial system security and clamp down on rising cases of electronic fraud in Nigeria’s banking sector.
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