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CBN Unveils 10 Key BVN Rule Changes Effective May 1
The Central Bank of Nigeria (CBN) has announced sweeping new rules governing the Bank Verification Number (BVN) system, set to take effect from May 1, in a move aimed at strengthening financial security and curbing rising fraud across digital banking channels.
The new guidelines will significantly impact how millions of Nigerians access mobile banking services, particularly in areas such as device usage, identity verification, and account protection.
According to the apex bank, the updated BVN framework is designed to address vulnerabilities exploited by fraudsters, especially through SIM swaps and unauthorized access to customer accounts.
Key Changes Nigerians Should Know
1. One Device Per Banking App
Customers will now be restricted to using their mobile banking app on only one device at a time, reducing the risk of unauthorized access.
2. Automatic Logout on New Device Login
When a user logs in on a new phone, the previous device will be automatically logged out, ensuring tighter account control.
3. Extra Verification for Device Switching
Switching devices will trigger additional authentication steps, adding another layer of security.
4. 24-Hour Fraud Watchlist
BVNs flagged for suspicious activity will be placed on a 24-hour watchlist, during which transactions may be monitored or restricted.
5. Temporary Account Freezes
Banks will have the authority to temporarily freeze accounts while investigating unusual or potentially fraudulent transactions.
6. One-Time Phone Number Change Rule
Customers will only be allowed to change the phone number linked to their BVN once in a lifetime, a move targeted at reducing identity manipulation.
7. Crackdown on SIM-Swap Fraud
The new policy specifically targets SIM-swap-related fraud, a growing concern in Nigeria’s banking sector.
8. Minimum Age for BVN Registration Set at 18
Only individuals aged 18 and above will be eligible to enrol for a BVN, while minors must operate accounts under parental or guardian supervision.
9. ₦20,000 Transaction Limit on New Devices
Customers activating mobile banking on a new device will face a transaction cap of ₦20,000 within the first 24 hours.
10. Stronger Fraud Prevention Measures
The CBN says all measures collectively aim to boost trust in Nigeria’s digital banking ecosystem and protect users from financial losses.
Financial analysts say the new rules could reshape user experience in mobile banking, forcing customers to adopt stricter security habits. While the measures may introduce minor inconveniences, they are widely seen as necessary to safeguard deposits and restore confidence in electronic transactions.
Banks across Nigeria are expected to begin immediate implementation, with customers advised to update their details and familiarize themselves with the changes ahead of the May 1 rollout.
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