With the Central Bank of Nigeria (CBN) scheduled to implement updated Bank Verification Number (BVN) regulations starting May 1, 2026, it is essential for account holders to understand the new requirements.
These measures are designed to combat financial crimes, enhance personal data security, and fortify the integrity of the national banking infrastructure.
Key changes included in the framework are:
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Restricted Mobile Access: Banking applications will be confined to a single device. If a user logs into their account from a different phone, access will be revoked on the old device, and a secondary verification process will be initiated.
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The “One-Time” Phone Rule: To prevent SIM-swap scams, the CBN is limiting phone number updates to a single change per lifetime. Authorities recommend linking your BVN to a reliable, long-term number that is already associated with your National Identification Number (NIN).
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Suspicious Activity Watchlist: Financial institutions are now mandated to place any BVN flagged for questionable transactions on a 24-hour temporary watchlist. During this window, the account may be frozen or limited while the bank verifies the account holder’s identity.
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Age Requirements: The minimum age for obtaining a BVN has been established at 18 years. Consequently, minors are ineligible for independent BVNs, and guardians must utilize specific youth-oriented banking products to manage finances for children.
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Security Cool-off Period: Upon activating a banking app on a new device, users will be restricted to a ₦20,000 transaction limit for the first 24 hours. This serves as a protective barrier to minimize potential losses if an account is accessed by an unauthorized party.
Action Plan Before May 1
To ensure uninterrupted service, customers should verify that their BVN is linked to an active and secure phone number. Any necessary data corrections should be completed immediately, as the “one-time change” policy will make future updates extremely difficult. Additionally, be ready for more rigorous authentication steps when upgrading or switching mobile devices.
