Nigerians Rush to Link Bank Accounts as CBN Announces New BVN Rules Starting May 1
- Bank Verification Number (BVN) enrolment reached over 68 million as of March 2026
- The CBN introduced new rules, effective May 1, 2026, and banks are expected to obey
- The BVN system, a core identity framework, was introduced by the CBN in 2014
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The Bank Verification Number (BVN) database has surged to 68.6 million enrolments as of March 2026, ahead of new regulatory measures introduced by the Central Bank of Nigeria (CBN).
Analysis of data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that registrations increased by 2.7 million between December 2024 and March 2026.
Source: Getty Images
Over the years, BVN registrations have been on the rise, but not at the pace recorded in the first quarter of 2026, indicating a growing rush by customers to link their financial accounts.
BVN database enrolment rose from 63.5 million at the end of 2024 to 64.8 million in January 2025, and further to 66.2 million by July 2025, Leadership reports.
What is BVN?
The BVN framework, introduced by the CBN, is a biometric identification system that links all bank accounts belonging to an individual to a unique identity number.
It is widely used across Nigeria’s financial system to strengthen Know-Your-Customer (KYC) compliance, reduce fraud, and improve transaction security.
Source: Getty Images
CBN new BVN rules
The increase in enrolment comes as the CBN 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 new rule is scheduled to take effect on May 1, 2026.
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.
The directive, CBN said, is aimed at strengthening security in the digital payments ecosystem, where mobile phone numbers play a central role in authentication and account recovery.
The CBN noted 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.
CBN issues new order to banks
Legit.ng earlier reported that the CBN 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 addressed long-standing concerns from tourists and Nigerians returning from the diaspora, who frequently face difficulties accessing funds with international cards.
The directive, issued in a circular dated December 18, 2025, was signed by Rita I. Sike, Director of the Financial Policy and Regulation Department.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
