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Starting May 1, 2026, the Central Bank of Nigeria (CBN) has implemented new Bank Verification Number (BVN) regulations aimed at curbing fraud in the financial sector.
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These measures include limiting phone number changes, restricting mobile banking to one device, and capping transactions on new devices for the first 24 hours.
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Key Changes Effective Immediately
- Lifetime Phone Change
Customers are now allowed to change the phone number linked to their BVN only once in their lifetime. This measure is designed to reduce the risk of fraudsters taking over accounts through SIM swap techniques.
- One Device Login
Banking applications are restricted to one device at a time. Logging into a new device will automatically log out the previous one, enhancing security by limiting unauthorized access.
- Transaction Limits
New device logins will temporarily cap transactions at ₦20,000 for the first 24 hours. This measure is intended to minimize the potential damage from unauthorized transactions during the initial login period.
- Watchlist Feature
Banks can now place suspicious BVNs on a 24-hour watchlist, which may lead to temporary account restrictions while investigations and identity verifications are conducted.
- Age Restriction
BVN registration has been restricted to individuals aged 18 and above, preventing minors from obtaining standalone BVNs without guardian-linked arrangements.
Understanding the Implications
Protecting Your BVN
With the new rules, customers must be cautious about their BVN-linked phone numbers. Ensure that your phone number is one you plan to keep long-term, as changes are limited.
Account Security Checks
If unusual activity is detected, your account may be flagged and temporarily restricted for verification. Banks will contact customers to confirm transactions before processing them.
Device Usage Restrictions
The one-device-per-app rule means that customers must use their banking apps on a single device, enhancing security and reducing the risk of fraud through cloned devices.
Access to BVN Services
Only CBN-approved banks and financial institutions are authorized to handle BVN updates. Avoid using third-party apps or unofficial agents for any BVN-related requests.
The Bigger Picture
These changes are part of a broader regulatory effort by the CBN to reinforce Know Your Customer (KYC) standards and strengthen Anti-Money Laundering (AML) controls. The CBN aims to enhance fraud risk management across Nigeria’s banking and fintech ecosystem.
According to the Nigeria Inter-Bank Settlement System (NIBSS), social engineering remains a significant fraud technique, with SIM-swap fraud being a key vulnerability targeted by these new directives. The CBN’s measures, including the temporary watchlist for suspicious BVNs, are designed to improve real-time fraud detection and prevent unauthorized fund transfers.
