The Central Bank of Nigeria is set to implement a new set of Bank Verification Number guidelines from May 1, 2026, in a move aimed at curbing fraud, strengthening identity protection, and safeguarding the country’s financial system.
The updated framework introduces stricter controls on phone number changes, device usage, and transaction limits, marking a significant shift in how Nigerians access and secure their bank accounts.
Under the new regulations, customers will be allowed to change the phone number linked to their BVN only once in their lifetime. The measure is designed to address the growing incidence of SIM-swap fraud, where criminals hijack phone numbers to gain unauthorized access to bank accounts. Customers are advised to link their BVN to a secure, long-term phone number, preferably one already associated with their National Identification Number.
The guidelines also stipulate that BVN registration is now restricted to individuals aged 18 and above. This means minors will no longer be eligible to hold independent BVNs, with parents and guardians expected to utilise structured banking products tailored for children to manage funds on their behalf. The move is intended to strengthen identity verification and reduce misuse of financial identities.
In addition, banks are now required to place any BVN associated with suspicious activity on a temporary 24-hour watchlist. During this period, affected accounts may be restricted or frozen while verification is carried out with the account holder. This measure is designed to prevent fraudulent transactions from progressing beyond recovery.
The framework further introduces a restriction limiting mobile banking apps to one device at a time. Logging into a banking application on a new device will automatically deactivate access on the previous device and trigger additional authentication checks, a step aimed at preventing unauthorized access across multiple devices using compromised credentials.
Customers activating banking applications on a new device will also be subject to a temporary transaction limit of ₦20,000 within the first 24 hours. This restriction is intended to serve as a safeguard, ensuring that even if an account is compromised during setup, the potential loss is significantly reduced.
With the implementation date approaching, customers are advised to confirm that their BVN-linked phone number is active, secure, and permanently in their possession. Those who need to update their phone numbers are encouraged to do so before the deadline to avoid being restricted by the one-time change policy. Users are also urged to secure their devices and prepare for stricter login procedures when switching phones or reinstalling banking applications.
The new BVN regulations reflect increasing concerns over digital fraud and identity theft within Nigeria’s banking sector. While the measures may introduce temporary inconvenience, they are expected to enhance account security and improve confidence in digital banking systems across the country.
