The Central Bank of Nigeria (CBN) is introducing stricter Bank Verification Number (BVN) regulations from May 1, 2026, aimed at enhancing financial security and reducing fraud across the country’s banking system. The new framework introduces tighter controls on phone number changes, device usage, and transaction limits, requiring all account holders to take proactive steps before the deadline.
Under the revised rules, mobile banking apps will be restricted to one device at a time. Logging into an app on a new device will automatically deactivate access on the previous one and trigger additional authentication checks. This measure is designed to prevent unauthorized access and safeguard customer accounts.
Banks are also required to place any BVN linked to suspicious activity on a temporary 24-hour watchlist. During this period, affected accounts may be restricted or frozen while the bank contacts the customer for verification. This temporary hold aims to give financial institutions time to investigate potential fraud before any further transactions can occur.
A significant change involves phone number updates. Customers will now be allowed to change the phone number linked to their BVN only once in their lifetime. This policy targets the rising threat of SIM-swap fraud, where criminals hijack phone numbers to gain access to bank accounts. The CBN advises customers to link their BVN to a secure, long-term number—preferably one already tied to their National Identification Number (NIN).
The minimum age for BVN enrollment has been set at 18 years, meaning minors will no longer be able to hold independent BVNs. Parents and guardians must instead use structured banking products designed for children to manage funds on their behalf.
Transaction limits will also be tightened. Customers activating their banking apps on a new device will face a temporary cap of ₦20,000 within the first 24 hours. This restriction serves as a safety buffer, limiting the amount that can be moved even if an account is compromised during setup.
To avoid disruptions, the CBN urges customers to confirm their BVN-linked phone number is active, secure, and permanently theirs. Those needing to update their details should do so before the deadline to avoid being locked into the one-time change limit. Customers should also be prepared for stricter login processes when switching phones or reinstalling banking apps.
These measures reflect the CBN’s commitment to strengthening Nigeria’s financial infrastructure and protecting consumers from evolving fraud risks.
