CBN Releases New BVN Rules for Access, UBA, Zenith, Others, Sets Commencement Date
- Olayemi Cardoso-led CBN has taken a fresh move as it limits phone number changes for BVN to once in a lifetime to combat fraud
- The apex bank also disclosed a new temporary watchlist for suspicious BVNs to enhance security in Nigeria's banking system
- Growing digital payments in Nigeria necessitate stricter KYC rules and BVN controls for customer protection
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has introduced a new rule restricting how often Nigerians can change the phone number linked to their Bank Verification Number (BVN), limiting the update to only once in a lifetime.
The directive, contained in a circular issued to banks and other financial institutions on Thursday, 12, 2026, will take effect from May 1, 2026.
Source: Twitter
The policy applies to customers of major banks such as Access Bank, Zenith Bank, United Bank for Africa and other licensed financial institutions operating in Nigeria.
According to the apex bank, the new rule is aimed at strengthening security in Nigeria’s fast-growing digital payments ecosystem, where mobile phone numbers play a central role in authentication and account recovery.
Why phone number matters in BVN security
Phone numbers linked to the BVN are critical to Nigeria’s banking infrastructure. They are used for one-time passwords (OTPs), transaction alerts, and account recovery processes.
Because of this, fraudsters often target mobile numbers to gain access to bank accounts through SIM swap schemes or social engineering tactics.
By limiting the frequency of phone number changes, the CBN hopes to close a major loophole that criminals exploit to hijack financial accounts.
The regulator said the measure will help reduce risks associated with identity manipulation and SIM-related fraud, which has become a growing concern as digital banking adoption continues to expand across the country.
BVN key to Nigeria’s banking identity system
Introduced in 2014, the Bank Verification Number system serves as the foundational identity platform for Nigeria’s financial services sector. The database helps banks verify customer identities and link multiple bank accounts to a single individual.
According to TechCabal as of March 2026, BVN enrolment has reached 68.59 million Nigerians, reflecting the system’s widespread adoption across commercial banks, microfinance banks, and fintech platforms.
The regulator believes tighter controls around BVN-linked data will strengthen trust in the country’s digital financial infrastructure.
Banks ordered to create temporary BVN watchlists
In addition to the new phone number restriction, the CBN has directed banks and financial institutions to introduce a temporary watchlist for BVNs linked to suspicious activity.
Under the framework, a flagged BVN may remain on the watchlist for up to 24 hours while the customer is contacted to verify the transaction.
During this period, banks can effectively pause the transaction process, giving them time to investigate potential fraud before funds move through the banking system.
The temporary watchlist is designed to act as an early warning mechanism to prevent fraudulent transfers.
Fraud crackdown across Nigeria’s payment system
The latest directive formed part of broader efforts by the CBN to tighten security across Nigeria’s banking and fintech ecosystem.
Industry data showed that social engineering schemes remain the leading cause of fraud in the country. According to the Nigeria Inter-Bank Settlement System, such schemes were linked to 62,901 fraud cases recorded in 2023, many of which involved compromised mobile numbers.
The circular also reiterated that BVN enrolment remains restricted to individuals aged 18 years and above, while access to BVN database information is limited strictly to financial institutions licensed by the apex bank.
Source: UGC
With digital payments growing rapidly in Nigeria, regulators say stronger Know Your Customer (KYC) rules and tighter BVN controls will be crucial in safeguarding customers and maintaining trust in the financial system.
CBN issues new order to banks on foreign card use
Legit.ng earlier reported that the Central Bank of Nigeria issued a fresh directive to deposit money banks and payment service providers, including Access Bank, Zenith Bank and United Bank for Africa, 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.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
