Nigerian bank customers are facing a major shift in banking operations as the Central Bank of Nigeria rolls out its 2026 guidelines aimed at tightening security across the financial system.
Under the new rules, which take effect from Friday, account holders will now be restricted to changing the phone number linked to their Bank Verification Number (BVN) only once. The move is part of broader efforts by the apex bank to curb rising fraud, particularly cases linked to SIM swaps and repeated identity changes.
In a circular issued to financial institutions, the regulator explained that access to the BVN database will now be limited strictly to licensed banks and approved institutions, reducing the risk of unauthorized data exposure.
The guidelines also introduce a temporary watchlist system for suspicious BVNs. Any BVN flagged for unusual activity can be placed on a watchlist for up to 24 hours, during which the bank will contact the customer to verify the transaction before taking further action.
To strengthen identity controls, the CBN has set a new minimum age of 18 years for BVN registration, although exceptions may be granted in line with existing laws.
Beyond BVN-related changes, the new framework introduces stricter controls on electronic banking and instant payment services. Banks are now required to allow customers voluntarily deactivate instant transfer services on their accounts, giving them the option to block digital transactions temporarily while still accessing services at physical bank branches.
The regulator also mandated multi-factor authentication for activating or deactivating transfer services, ensuring that only account owners can make such changes.
Customers will also be able to set lower personal transaction limits on their accounts for added protection, even though the existing maximum regulatory caps remain ₦25 million for individuals and ₦250 million for corporate accounts.
In addition, banks have been directed to deploy advanced real-time fraud monitoring systems capable of detecting suspicious transactions instantly.
Stricter verification measures have also been introduced for digital banking. All accounts opened online must now undergo a “liveliness check,” while customer details must be verified immediately against national identity and BVN databases.
The new rules extend to mobile and internet banking platforms. Mobile banking apps will now be restricted to a single device at a time. Customers switching devices will be required to complete fresh authentication before regaining access.
Furthermore, newly activated mobile apps will face temporary transaction limits. For the first 24 hours, transactions must not exceed ₦20,000, regardless of whether the account is new or existing.
Similarly, customers accessing internet banking on a new device will be subject to additional verification checks.
The CBN noted that the updated operational standards for instant payment systems are part of a wider strategy to strengthen consumer protection and enhance trust in Nigeria’s digital banking ecosystem, with full implementation expected by July 1.