Key moments
The Central Bank of Nigeria (CBN) has announced new rules regarding the Bank Verification Number (BVN) system, set to take effect on May 1, 2026. These changes aim to enhance security measures and prevent fraudulent transactions within the banking sector.
As part of the new regulations, enrollment for a BVN will be limited to individuals who are 18 years of age and older. This restriction is intended to ensure that only eligible adults can participate in the BVN scheme, which serves as a unique identifier for bank customers across Nigeria.
Additionally, amendments to phone numbers linked to a BVN will now be restricted to a one-time change only. This measure is designed to reduce the potential for fraud by limiting the frequency with which customers can alter their contact information associated with their bank accounts.
Furthermore, financial institutions are required to establish and maintain a temporary watchlist for BVNs that are implicated in suspected fraudulent activities. A BVN may remain on this temporary watchlist for a maximum period of 24 hours, allowing banks to quickly respond to potential threats while ensuring that legitimate customers are not unduly affected.
As of March 2026, there are approximately 68.59 million bank customers enrolled in the BVN scheme, which was initially introduced in 2014 as a tool to protect customers from fraudsters. The CBN emphasizes the importance of maintaining the integrity of this system to safeguard the interests of bank customers.
Olayemi Cardoso, a representative of the CBN, stated, “The CBN has a duty of care, ensuring that it provides excellent guidance that ensures that bank customers get the best services for their patronage.” This statement underscores the central bank’s commitment to enhancing customer service while implementing these new rules.
In summary, the introduction of stricter BVN enrollment and data access rules reflects the CBN’s ongoing efforts to combat fraud and improve security within the Nigerian banking system. As these changes take effect, stakeholders in the financial sector will be closely monitoring their impact on both customers and institutions.