The Central Bank of Nigeria (Central Bank of Nigeria) is set to roll out new Bank Verification Number (BVN) guidelines effective from May 1, 2026, introducing stricter rules aimed at strengthening identity protection and reducing fraud across the banking system.
The updated framework introduces major changes affecting mobile banking usage, phone number management, device access, and transaction limits for account holders nationwide.
Stricter Mobile Banking Device Rules
Under the new policy, customers will only be allowed to access their banking applications on one device at a time. Logging into a new device will automatically deactivate the previous device and trigger additional verification steps.
The CBN says this measure is designed to reduce unauthorized access and improve account security.
Fraud Monitoring and Watchlist System
Banks will now be required to place any BVN linked to suspicious activity on a temporary 24-hour watchlist. During this period, affected accounts may be restricted or temporarily frozen while verification is carried out with the account holder.
One-Time Phone Number Change Rule
One of the most significant changes is the restriction on phone number updates. Customers will now be allowed to change the phone number linked to their BVN only once in a lifetime.
The policy targets SIM-swap fraud and other identity theft risks, with customers advised to link their BVN to a stable phone number, preferably one connected to their National Identification Number (NIN).
Minimum Age Requirement
The new guidelines also reaffirm that only individuals aged 18 and above can register for BVN. Minors will no longer be allowed to maintain independent BVNs, with alternative child-focused banking products expected to be used under parental supervision.
Transaction Limit on New Devices
Customers activating their banking apps on a new device will face a temporary ₦20,000 transaction cap within the first 24 hours. The restriction is intended as a security buffer against potential fraud during device setup.
What Customers Are Expected to Do Before May 1
The CBN has advised bank customers to take proactive steps ahead of the implementation date, including:
Ensuring BVN-linked phone numbers are active and secure
Updating personal details before the deadline where necessary
Preparing for stricter login and verification processes when switching devices
The apex bank emphasized that the reforms are part of broader efforts to safeguard Nigeria’s financial ecosystem and strengthen digital banking security.