Previously, customers could change their phone numbers linked to their Bank Verification Numbers (BVNs) multiple times. The expectation was that this flexibility would make banking more accessible. However, the rise in fraudulent activities prompted the CBN to take decisive action.

The new rules include:

• Phone number changes linked to BVN are now restricted to once in a lifetime.
• BVN enrolment is limited to individuals aged 18 years and above.
• Only CBN-licensed financial institutions can access the BVN database.

These changes directly affect customers and financial institutions. Customers must ensure their BVN-linked phone number is one they intend to keep long-term. Financial institutions must adapt their systems for enhanced security measures.

Additionally, the CBN introduced a temporary BVN watchlist for suspicious transactions lasting 24 hours. This measure aims to curb identity manipulation and enhance the security of customer profiles. Customers can only use their banking app on one device at a time, with transactions on new devices capped at ₦20,000 for the first 24 hours.

The CBN emphasized that these measures are part of broader efforts in fraud prevention and data privacy. The aim is not just immediate security but also long-term trust in financial institutions. Experts believe these changes will strengthen customer verification processes significantly.

The CBN’s commitment to improving banking security reflects ongoing challenges within the sector. As fraudulent activities evolve, so too must the policies designed to protect consumers.

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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.

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