Beginning May 1, 2026, bank customers across Nigeria will be affected by a new set of guidelines from the Central Bank of Nigeria (CBN) aimed at tightening the security of the Bank Verification Number (BVN) system.
The revised framework is designed to combat fraud, improve identity protection, and reinforce the integrity of the country’s banking system.
Below are the major changes every account holder should be aware of:
One Mobile Device Per Banking App
Under the new policy, customers will only be allowed to use their banking application on one device at a time.
Once the app is activated on a new phone or tablet, access on the former device will be automatically disabled. Banks will also carry out additional security checks before granting full access on the new device.
24-Hour BVN Fraud Monitoring List
Any BVN suspected to be connected to questionable transactions will now be placed on a temporary watchlist for 24 hours.
During this period, banks may restrict access to the affected account or place a temporary freeze while the customer is contacted for identity confirmation.
Restriction on Phone Number Updates
The CBN has also introduced a stricter policy on BVN-linked phone numbers.
Customers will now be permitted to change the phone number associated with their BVN only once in their lifetime. This measure is intended to reduce cases of SIM-swap fraud, where fraudsters hijack phone lines to gain access to bank accounts.
Customers are therefore strongly advised to use a permanent and secure number, preferably one already linked to their National Identification Number (NIN).
BVN Enrollment Age Requirement
Another major change is the introduction of an age threshold for BVN registration.
Only individuals aged 18 years and above will be eligible for independent BVN enrollment. Minors will no longer be issued personal BVNs and will instead have to operate through dedicated child or guardian-managed banking products.
Temporary Transfer Limit on New Devices
Customers who activate their banking apps on a new device will be subjected to a temporary transaction cap of ₦20,000 for the first 24 hours.
This safeguard is intended to minimise losses in the event of unauthorized access during device setup.
Steps Customers Should Take Before the Deadline
To avoid possible disruptions when the policy takes effect, customers are advised to act promptly by:
confirming that their BVN-linked phone number is active and secure;
updating any necessary details before May 1;
preparing for more rigorous login and verification procedures when changing phones or reinstalling banking apps.
The CBN has also directed all financial institutions to maintain a temporary internal watchlist for BVNs associated with suspicious activities reported within the banking system.
The new rules are part of broader efforts to strengthen confidence in Nigeria’s financial sector and reduce rising digital banking fraud.