The Central Bank of Nigeria (CBN) has introduced ten new rules around the Bank Verification Number (BVN) in efforts to guard against fraud and further protect digital banking processes.
The new guidelines set to go into effect from May 1, 2026, will affect how customers log into their bank apps for mobile banking, switch devices, and manage their banking details.
The 10 key changes:
- Mobile banking apps will be restricted to one device at a time.
- Logging in on a new device will automatically log out the previous device.
- Switching devices will require additional verification before access is granted.
- Suspicious BVNs will be placed on a 24-hour watchlist.
- Banks may temporarily restrict or freeze accounts linked to flagged BVNs.
- Customers can only change their BVN-linked phone number once.
- The rule targets SIM-swap fraud and unauthorised access.
- Only individuals aged 18 and above can enrol for a BVN.
- Minors must operate accounts under a guardian.
- Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.
The apex bank said the measures are part of a broader push to tighten security across Nigeria’s banking system and to reduce cases of fraud linked to digital transactions.
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