The Central Bank of Nigeria (CBN) has introduced 10 major changes to the Bank Verification Number (BVN) system as part of fresh measures to strengthen digital banking security and reduce fraud across the country.
The new rules, which will take effect from May 1, are aimed at tackling rising cases of unauthorised access, SIM-swap fraud, and suspicious banking activities linked to compromised identities.
Under the new framework, customers will now be restricted to using mobile banking apps on only one device at a time.
This means that once a customer logs in on a new device, the previous device will be automatically logged out, while switching devices will require additional verification before access is granted.
The apex bank also introduced stricter monitoring for suspicious BVNs, stating that flagged BVNs will be placed on a 24-hour watchlist for close observation.
Banks may also temporarily restrict or freeze accounts linked to such suspicious BVNs pending further verification.
In another major change, customers will only be allowed to change their BVN-linked phone number once, a move targeted at reducing fraudulent SIM swaps and unauthorised account access.
The CBN further stated that only individuals aged 18 years and above will be eligible to enrol for a BVN.
For minors, bank accounts must now be operated strictly under the supervision of a guardian.
To further protect customers from fraud on newly activated devices, the apex bank said transactions on such devices will be limited to ₦20,000 within the first 24 hours of activation.
According to the CBN, the measures are designed to improve customer protection and strengthen confidence in Nigeria’s digital banking ecosystem.
The bank noted that the updated BVN rules form part of broader efforts to enhance identity verification, prevent financial crimes, and ensure safer electronic transactions nationwide.
The 10 New BVN Rules
- Mobile banking apps will now be restricted to one device at a time.
- Logging in on a new device will automatically log out the previous device.
- Switching to a new device will require additional verification before access is granted.
- Suspicious BVNs will be placed on a 24-hour watchlist for monitoring.
- Banks may temporarily restrict or freeze accounts linked to flagged BVNs.
- Customers can only change their BVN-linked phone number once.
- The one-time phone number change rule is aimed at preventing SIM-swap fraud and unauthorised access.
- Only individuals aged 18 years and above can enrol for a BVN.
- Minors must operate bank accounts under the supervision of a guardian.
- Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.
