The Central Bank of Nigeria (CBN) is set to roll out a new set of Bank Verification Number (BVN) guidelines from May 1, 2026, in a decisive move to curb fraud, strengthen identity protection, and safeguard Nigeria’s financial system. The updated framework introduces tighter controls on phone number changes, device usage, and transaction limits.
Under the new rules, customers can now change the phone number linked to their BVN only once in their lifetime. The policy targets rising cases of SIM-swap fraud, where criminals take over phone numbers to gain access to bank accounts. Customers are therefore advised to link their BVN to a secure, long-term phone number, preferably one already tied to their National Identification Number (NIN).
The CBN has set 18 years as the minimum age for BVN enrollment. This means minors will no longer be allowed to hold independent BVNs. Instead, parents and guardians must rely on structured banking products designed for children to manage funds on their behalf. According to a report by Vanguard, the move is aimed at tightening identity verification and reducing misuse of financial identities.
Banks are now required to place any BVN linked to suspicious activity on a temporary 24-hour watchlist. During this period, affected accounts may be restricted or frozen while the bank contacts the customer for verification. “A BVN may remain on this temporary watchlist for a maximum period of 24 hours, during which the BVN owner shall be contacted,” the CBN circular states. The short-term freeze is designed to prevent fraudulent transactions from moving funds beyond recovery.
Mobile banking apps will be limited to one device at a time. Logging into a banking app on a new device will automatically deactivate access on the previous one. Switching devices will require additional verification and trigger transaction limits, including a temporary cap of ₦20,000 within the first 24 hours after activation.
The amendments to the 2021 framework aim to curb identity fraud, speed up detection of suspicious activity, and restore confidence in Nigeria’s booming digital banking sector. The BVN database stood at 68.6 million enrolments as of March 2026, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
