Eight important updates on CBN’S new BVN policy every bank customer should know before May 1
The Central Bank of Nigeria (CBN) has updated its regulatory framework for bank verification number (BVN) operations and watchlist in the banking industry.
The update, which takes effect from May 1, 2026, introduces new rules for financial institutions and payment service providers.
The CBN communicated the addendum in a circular to banks dated March 26.
The BVN is an 11-digit unique identifier issued to bank customers in Nigeria.
During enrollment, an individual’s biometric details, including fingerprints and facial image, are captured. This allows banks to verify identities, link multiple accounts to a single customer, and curb identity-related fraud.
In cases where a customer’s identity is in question during a transaction, the biometric data can be used for instant verification.
Here are key things to know before May 1.
TEMPORARY BVN WATCHLIST
According to the apex bank, financial institutions are now required to create and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions.
WATCHLIST DURATION CAPPED AT 24 HOURS
The regulator said a BVN can remain on the temporary watchlist for a maximum of 24 hours, noting that customers or the BVN holder must be contacted within the stipulated timeframe to clarify the suspicious transaction.
ACCOUNTS MAY BE RESTRICTED OR FROZEN
The CBN said financial institutions can temporarily restrict or freeze accounts linked to flagged BVNs pending investigation.
MOBILE BANKING LIMITED TO ONE DEVICE
The circular said customers can only access mobile banking apps on a single device at a time, adding that logging in on a new device will automatically deactivate access on the previously used device.
Also, customers will be required to complete additional authentication steps before gaining access mobile banking apps on a new device.
TRANSACTION CAP ON NEW DEVICES
The CBN said transactions on newly activated devices will be limited to N20,000 within the first 24 hours.
PHONE NUMBER CHANGE RESTRICTED
According to the new policy, customers can update the phone number linked to their BVNs only once.
STRICTER ACCESS TO BVN DATABASE
Under the new policy, BVN data will only be accessible to CBN-licensed financial institutions, except in special cases approved by the regulator.
BVN ENROLLMENT LIMITED TO ADULTS
In addition, only individuals aged 18 and above can enrol for a BVN, while minors must operate accounts under a guardian.
The CBN said the measures are designed to curb fraud risks, including SIM-swap attacks and unauthorised access, and enhance the integrity of the banking system.
