The Central Bank of Nigeria (CBN) has listed 10 primary changes to the Bank Verification Number (BVN) system, as part of its efforts to curb fraud and strengthen digital banking.
The CBN also noted that the new BVN guidelines will take effect from May 1.
Consequently, the revised regulations would have a direct impact on how clients transfer devices, access mobile banking services, and handle their BVN information.
The CBN states that the moves are a part of a larger effort to strengthen security throughout Nigeria’s financial system and drastically lower instances of fraud connected to online transactions.
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1. Mobile banking apps will be restricted to one device at a time.
2. Logging in on a new device will automatically log out the previous device.
3. Switching devices will require additional verification before access is granted.
4. Suspicious BVNs will be placed on a 24-hour watchlist.
5. Banks may temporarily restrict or freeze accounts linked to flagged BVNs.
6. Customers can only change their BVN-linked phone number once.
7. The rule targets SIM-swap fraud and unauthorised access.
8. Only individuals aged 18 and above can enrol for a BVN.
9. Minors must operate accounts under a guardian.
10. Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.
Furthermore, the apex bank stressed that the new rules will enhance security and protect customers from rising digital fraud risks.
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