CBN to Enforce Stricter BVN Protocols Starting May 1: What You Need to Know

The Central Bank of Nigeria (CBN) will introduce a new set of Bank Verification Number (BVN) regulations effective May 1, 2026, in a move aimed at strengthening identity protection, reducing fraud, and enhancing the security of the country’s financial system.

The revised framework establishes tighter controls around phone number updates, device access, and transaction limits, marking a significant shift in how customers access and protect their bank accounts.

Key BVN Rules Customers Must Know

As the implementation date approaches, account holders are advised to familiarise themselves with the following five major changes:

1. One-Time Phone Number Update
Under the new policy, customers will only be allowed to change the phone number linked to their BVN once in their lifetime. The measure is designed to address the growing threat of SIM-swap fraud, where criminals hijack phone numbers to gain unauthorised access to bank accounts.

Customers are encouraged to link their BVN to a secure, long-term phone number, ideally one already associated with their National Identification Number (NIN).

2. Minimum BVN Registration Age Set at 18
The CBN has introduced 18 years as the minimum age for BVN enrolment. Minors will no longer be eligible to hold independent BVNs. Instead, parents and guardians are expected to use structured banking products tailored for children to manage their finances.

This change is intended to strengthen identity verification processes and reduce the risk of misuse.

3. 24-Hour Fraud Watchlist Requirement
Banks will now be required to place any BVN associated with suspicious activity on a temporary 24-hour watchlist. During this period, affected accounts may be restricted while the bank conducts verification with the account holder.

The measure aims to prevent fraudulent transactions from being completed or funds from being moved beyond recovery.

4. Single-Device Access for Banking Apps
Mobile banking applications will be limited to one device at a time. When a user logs in on a new device, access on the previous device will be automatically revoked, alongside additional authentication checks.

This step is designed to prevent unauthorised access through compromised login credentials.

5. ₦20,000 Transaction Limit on New Devices
Customers who activate their banking apps on a new device will face a temporary transaction cap of ₦20,000 within the first 24 hours. The restriction serves as a safeguard to limit potential losses in the event of a security breach during device setup.

Steps Customers Should Take Before Implementation

To avoid disruptions when the new rules take effect, customers are advised to:

• Verify that their BVN-linked phone number is active, secure, and personally controlled
• Update their details before the deadline, especially if a phone number change is required
• Prepare for stricter authentication processes when switching devices or reinstalling banking applications

Strengthening Financial Security

The updated BVN framework reflects increasing concerns over digital fraud and identity theft within Nigeria’s banking sector. While the new measures may introduce some initial inconvenience, they are expected to significantly enhance account security and boost confidence in digital banking services.

With the May 1 deadline approaching, customers are encouraged to take proactive steps to ensure compliance and avoid potential disruptions.