CBN Directs Access Bank, UBA, Others to Monitor BVNs Linked to Suspected Fraud
- CBN has mandated banks to monitor BVNs linked to suspected fraudulent activities from May 2026
- Temporary watchlist for flagged BVNs limited to 24 hours for investigation and customer protection
- New rules restrict phone number changes and BVN enrollment to individuals aged 18 and above
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 issued a fresh directive to banks and financial institutions to closely monitor Bank Verification Numbers (BVNs) connected to suspected fraudulent activities.
Under the new rule, financial institutions must establish and maintain a temporary watchlist for BVNs linked to suspicious transactions reported within the banking system. The directive will take effect from May 1, 2026.
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The move is part of the apex bank’s broader effort to strengthen financial system security and clamp down on rising cases of electronic fraud in Nigeria’s banking sector.
Temporary watchlist for suspicious BVNs
According to a circular released by the CBN and addressed to banks, financial institutions, and payment service providers (PSPs), any BVN implicated in a suspected fraudulent transaction must immediately be placed on a temporary watchlist.
The circular, titled “Addendum to the Revised Regulatory Framework for BVN Operations and Watchlist for the Nigerian Banking Industry 2021,” was signed by the Director of the Payments System Policy Department, Musa Jimoh.
Under the guideline, once a suspicious transaction is reported by a financial institution, the BVN associated with the account will be flagged and temporarily monitored.
The apex bank explained that the watchlist is meant to allow financial institutions to quickly verify suspicious activities and prevent potential losses or fraud within the banking ecosystem.
BVN can remain on watchlist for 24 hours
The CBN clarified that the temporary watchlist will not be indefinite.
Instead, any BVN flagged for suspicious transactions will remain on the list for a maximum period of 24 hours. During this time, the financial institution responsible for reporting the transaction must contact the BVN owner for clarification.
According to the regulator, the purpose of the temporary watchlist is to ensure that genuine customers are not unnecessarily penalised while still enabling banks to swiftly investigate suspicious financial activities.
The policy aims to strike a balance between protecting customers and safeguarding the integrity of Nigeria’s financial system.
New restrictions on phone number changes
In addition to the watchlist directive, the CBN also introduced a new rule regarding phone numbers linked to BVNs.
Under the updated guideline, customers will only be allowed to change the phone number attached to their BVN once.
The apex bank said the restriction is designed to prevent fraudsters from repeatedly altering contact details to evade detection or bypass security checks within the banking system.
Banks and other financial institutions have been instructed to enforce this rule strictly once it takes effect.
BVN enrollment limited to adults
The new directive also clarifies the age requirement for BVN registration.
According to the CBN, BVN enrollment is restricted to individuals who are 18 years old and above. This provision ensures that only adults with valid identification and financial accountability can obtain a BVN.
Access to BVN database restricted
The central bank further emphasised that access to the BVN database will remain strictly limited to financial institutions licensed by the CBN.
However, the regulator noted that it may grant special access in exceptional cases, provided such approvals comply with existing laws and regulatory provisions.
Source: Twitter
The latest directive highlights the CBN’s continued efforts to tighten regulations around identity verification and transaction monitoring in Nigeria’s banking sector, particularly as digital payments and online banking continue to expand across the country.
CBN Orders banks to undergo stress tests
Legit.ng earlier reported that CBN has directed all commercial banks in the country to conduct fresh financial stress tests as part of efforts to monitor the health and resilience of Nigeria’s banking system.
The directive, which will take effect from April 1, 2026, was contained in a regulatory letter dated March 6 and addressed to all banks.
The move comes at a crucial time for the banking industry, as lenders race to meet the recapitalisation deadline set by the apex bank.
Source: Legit.ng
