CBN Introduces New BVN Rules: 10 Key Facts Customers Must Know
- The CBN would implement new BVN guidelines starting May 1 to improve banking security
- Switching devices would require additional verification and trigger transaction limits
- Suspicious BVNs might be flagged, with accounts temporarily restricted or frozen
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Central Bank of Nigeria (CBN) has announced a set of updated guidelines for Bank Verification Number (BVN) usage, with implementation set to begin on May 1.
As reported by TVC News, the measures are aimed at improving security across Nigeria’s banking system and reducing cases of fraud linked to mobile banking.
According to the apex bank, the revised rules will affect how customers access their mobile banking apps, switch devices, and manage BVN-linked phone numbers.
Source: Getty Images
One device limit and automatic logout
Under the new guidelines, customers will be restricted to using their mobile banking application on only one device at a time. This means that logging into a new phone will automatically deactivate access on the previously used device.
The CBN said the measure is designed to limit unauthorised access and improve account protection.
The new rules also introduce extra verification steps when users attempt to switch devices. Customers may be required to undergo further authentication before gaining access to their accounts on a new device.
10 key changes to BVN rules
1. One device per banking app
Users are restricted to operating their mobile banking app on a single device at any given time.
2. Automatic logout on new device
Signing in on a new device will immediately log the previous one out.
3. Extra verification checks
Device changes will prompt additional identity verification procedures.
4. 24-hour fraud watchlist
BVNs deemed suspicious will be monitored for 24 hours, potentially leading to account limitations.
5. Accounts may be frozen temporarily
Banks may place temporary restrictions or freezes on accounts during fraud checks.
6. One-time phone number change
BVN-linked phone numbers can only be updated once over a customer’s lifetime.
7. SIM-swap fraud targeted
The policy is designed to tackle fraud involving unauthorised SIM swaps.
8. Minimum age set at 18
BVN registration is limited to individuals aged 18 and above; minors must operate through guardian accounts.
9. N20,000 limit on new devices
A transaction cap of N20,000 applies within the first 24 hours of activating a new device.
10. Enforcement starts May 1
The apex bank stated that the objective is to reduce fraud and enhance the security of the financial system.
Source: Getty Images
Fraud: CBN directs banks to monitor BVNs
Legit.ng earlier reported on the CBN's new 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, effective from May 1, 2026.
The CBN's new directive was seen as 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 bank sector.
Source: Legit.ng
