From Friday, May 1 (today), the Central Bank of Nigeria (CBN) will roll out new Bank Verification Number (BVN) rules that could affect how you log in, switch devices, and even change your phone number.
For the CBN, the expanded BVN rule will strengthen fraud monitoring, boost identity management, and safeguard the integrity of financial transactions as the BVN enrolment continues to surge.
The BVN is an 11-digit unique identifier issued to bank customers in Nigeria.
It gives unique identification to each of the current 68.59 million bank customers enrolled in the scheme according to data released by the Nigeria Interbank Settlement System (NIBSS).
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 as the rule takes effect from today, May 1:
Phone Number Rule
You can only change the mobile number linked to your BVN once.
Fraud Watchlist
Suspicious transactions = 24-hour restriction.
Any BVN placed on the watchlist can remain there for up to 24 hours. Stay alert. Stay reachable.
Age Restriction and Data Access
BVN enrollment is now strictly for 18+ individuals, no minors.
Only licensed financial institutions can access BVN data, improving privacy.
Real-time Monitoring
Transactions are checked in real time to quickly identify suspicious activity.
You can verify your transaction status using your bank’s Mobile App to monitor alerts and stay informed. Report any concerns by contacting our support team immediately.
Digital Banking
For the first 24 hours after activation on a new device, transactions must not exceed N20,000:00, whether it’s a new or an existing account.
You can only use your bank’s Mobile App on one device at a time, giving you control over your access and enhancing your security.
Multi-factor authentication must be implemented for transactions to enhance security and protect your account from unauthorised access.
