Central Bank of Nigeria (CBN)
Elegbede Abiodun
The Central Bank of Nigeria has listed 10 key changes to Bank Verification Number (BVN) rules which will take effect from May 1, as part of efforts to curb fraud and tighten digital banking processes.
The updated guidelines will affect how customers log in, switch devices, and manage their banking details.
The new guidelines will affect how customers access mobile banking, switch devices, and manage their BVN details.
The key changes are the following:
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.
The apex bank said the measures are part of a broader push to tighten security across Nigeria’s banking system and reduce cases of fraud linked to digital transactions.
