The Central Bank of Nigeria (CBN) has introduced comprehensive new directives aimed at enhancing electronic payment security, tightening oversight of the Bank Verification Number (BVN) system, and simplifying the management of dormant accounts and unclaimed funds.
These changes were detailed in three circulars released on March 12, 2026.
As part of the effort to combat fraud, the CBN has introduced new operational rules for instant payment services.
A key feature is the “Voluntary Opt-Out /Opt-In functionality,” which allows customers to temporarily disable electronic transfers on their accounts.
While this feature is active, customers will be unable to send money digitally but can still “physically visit the financial institution to effect transfer during this period.”
Additional security measures include:
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Liveness Checks: Online account opening and reactivation must now include a “liveliness check,” where users must prove their physical presence by interacting with their device.
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Device Binding: Mobile banking applications are now restricted to one device at a time. The CBN stated: “Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.”
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Transaction Caps: For the first 24 hours after a new mobile app is activated, a maximum transaction limit of ₦20,000 will be enforced. These standards for instant payments are set to take effect on July 1, 2026.
The CBN has also updated the regulatory framework for the BVN system, effective May 1, 2026.
Banks must now maintain a temporary watchlist for BVNs suspected of being involved in fraud.
A BVN can be flagged for up to 24 hours, during which the “BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Other BVN-related updates include:
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Age Requirement: Enrolment is now strictly limited to individuals aged 18 years and above.
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Phone Number Limits: Customers are only permitted to change the phone number linked to their BVN once.
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Database Access: Access to the BVN database remains restricted to CBN-licensed institutions, though the bank “reserves the right to approve access in extenuating circumstances and in accordance with the provisions of extant laws.”
To improve transparency and help owners recover forgotten assets, the CBN has relaxed the rules for reactivating dormant accounts.
Notably, the mandatory use of affidavits has been removed for accounts not yet transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.
The circular stated: “For the avoidance of doubt, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account.”
However, “affidavits remain mandatory” for funds already moved to the UBTF.
Banks are now also required to:
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Alternative Reactivation: Allow customers to reactivate accounts through secure digital channels rather than just physical branch visits.
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Public Disclosures: Publish annual lists of dormant accounts on their websites and in at least two national newspapers. The CBN clarified that these publications comply with the Nigeria Data Protection Act 2023, as processing is necessary to “ensure full compliance with applicable legal and regulatory frameworks” and protect the interests of account owners. This directive replaces the previous guidelines from February 2025 and takes immediate effect.
