The Central Bank of Nigeria (CBN) has unveiled a fresh set of guidelines aimed at tightening security around the Bank Verification Number (BVN) system, with implementation set to begin on May 1.
The move is part of a broader strategy by the apex bank to combat rising cases of digital fraud and improve the integrity of Nigeria’s financial ecosystem. These new measures will significantly impact how customers use mobile banking apps, switch devices, and manage their BVN-linked information.
According to the CBN, the updated BVN framework is designed to introduce stricter controls that limit unauthorized access while safeguarding customer funds in an increasingly digital banking environment.
Below are the 10 key changes include:
- 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 CBN emphasised that the new rules are designed to enhance security and protect customers from rising digital fraud risks
One of the most notable changes is the restriction of mobile banking applications to a single device per user at any given time. This means that once a customer logs into their account on a new device, the previous device will automatically be logged out.
To further enhance security, switching devices will now require additional identity verification before access is granted.
In addition, BVNs flagged for suspicious activity will be placed on a 24-hour watchlist, during which banks may impose temporary restrictions or freeze accounts linked to such BVNs. This step is aimed at quickly containing potential fraud before it escalates.
The new policy also introduces tighter controls around phone number changes. Customers will now be allowed to update their BVN-linked phone number only once, a move specifically targeted at curbing SIM-swap fraud and unauthorized account access.
Age restrictions have also been reinforced under the revised guidelines. Only individuals aged 18 and above will be eligible to enroll for a BVN, while minors must operate bank accounts under the supervision of a parent or legal guardian.
Furthermore, transactions conducted on newly activated devices will be limited to ₦20,000 within the first 24 hours, adding an extra layer of protection against suspicious activities during device transitions.
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The CBN emphasized that these measures are necessary to strengthen trust in Nigeria’s digital banking space and protect customers from evolving cyber threats. As digital transactions continue to rise, the apex bank believes stricter BVN controls will play a critical role in reducing fraud and enhancing financial security nationwide.
