The Central Bank of Nigeria (CBN) has introduced a revised regulatory framework for Bank Verification Number (BVN) operations, effective May 1, 2026. These rules shift toward more rigorous identity management and real-time fraud prevention.
BVN registration is now restricted to individuals aged 18 years and above and For minors, parents or guardians must use alternative arrangements, such as structured products or accounts held in the guardian’s name.
Customers are permitted to update the mobile number linked to their BVN only once in their lifetime. Further modifications will require significant regulatory hurdles and may cause service disruptions.
Financial institutions must maintain a temporary watchlist for BVNs suspected of being involved in fraudulent transactions.
A BVN can be held on this list for up to 24 hours while the bank contacts the owner for clarification.
The One Device per Mobile App will take Effect July 1, 2026, mobile banking apps will be restricted to a single registered device per customer and Changing phones will require reactivation and authentication before restoring account access.
Customers now have the right to opt out of instant electronic payment services, effectively turning off the transfer feature for a chosen period.
There will be Agent Banking Restrictions where POS terminals must now be geo-fenced to operate within 10 meters of their registered business address.
