CBN Sets 18 as Minimum Age Limit for BVN Registration in Nigeria's New Banking Rule
- The CBN has issued a new directive setting a minimum age for BVN registration as part of efforts to strengthen identity verification
- The rule was communicated in circulars sent to banks, financial institutions and payment service providers on March 12, 2026
- The policy aims to improve customer identification processes and reduce the risk of bank accounts being used for fraudulent activities
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has introduced a new directive setting 18 years as the minimum age for Bank Verification Number (BVN) enrolment, as part of broader efforts to reinforce identity verification and strengthen security within Nigeria’s financial system.
The decision was communicated through a series of circulars issued on March 12, 2026 to banks, other financial institutions and payment service providers.
Source: UGC
Under the updated rule, only individuals who are at least 18 years old will be eligible to register for a BVN, the biometric identification number used across the banking industry to uniquely identify customers.
According to the apex bank, the measure is designed to tighten customer due diligence procedures and reduce the likelihood that bank accounts are used for fraudulent or illicit financial activities.
Background: BVN registration before the new directive
Before the latest circular, the BVN framework — introduced in 2014 by the Central Bank of Nigeria in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) — did not explicitly fix a universal age threshold of 18 years for enrolment.
In practice, banks were able to enrol minors for BVN through accounts opened in their names but managed by parents or legal guardians, particularly for savings products designed for children and teenagers.
In such cases, the guardian’s details were often linked to the account while the minor’s biometric information could still be captured for identification purposes.
The BVN system itself was designed to create a single, unique identity for each bank customer across the Nigerian banking industry.
During registration, customers typically provide biometric and personal data including fingerprints, facial image, date of birth, phone number and other identifying details.
With the new CBN directive, financial institutions are now expected to ensure that BVN registration is limited strictly to individuals aged 18 and above, aligning the process more closely with the legal age for entering binding financial contracts in Nigeria.
The CBN said the policy change is intended to improve the reliability of the BVN database and strengthen safeguards against identity theft, account manipulation and other forms of financial crime.
Other new features introduced by the CBN
The Central Bank of Nigeria (CBN) has introduced new regulations to strengthen security in the banking system and curb digital fraud, effective May 1, 2026.
Under the policy, customers can change the phone number linked to their Bank Verification Number (BVN) only once to prevent fraudsters from bypassing security checks.
Access to the BVN database will remain restricted to licensed financial institutions, with limited exceptions permitted by law.
Source: UGC
The rules also allow customers to opt out of instant transfer services and set lower personal transfer limits below the current caps of ₦25 million for individuals and ₦250 million for corporate accounts.
Also, the CBN announced a transfer limit of N20,000 on newly activated mobile banking applications within the first 24 hours of activation.
Additionally, banks must enhance identity verification for online account opening and reactivation, introduce stronger authentication tools, and restrict mobile banking apps to one device at a time.
CBN issues new order on foreign card use
Meanwhile, Legit.ng earlier reported that the CBN issued a fresh directive to deposit money banks and payment service providers to improve the acceptance and reliability of foreign-issued payment cards in the country.
The move targets long-standing complaints by tourists and Nigerians returning from the diaspora who often struggle to access funds using international cards.
The directive, contained in a circular dated December 18, 2025, was signed by Rita I. Sike, director of the Financial Policy and Regulation Department.
Source: Legit.ng
