CBN Announces Age Limit for BVN Enrolment, Begins May 1
- The CBN has set 18 years as the minimum age for BVN enrolment, effective May 1
- Banks must place suspicious BVNs on a temporary watchlist for up to 24 hours
- The apex bank has also limited phone number changes on BVNs to one, and restricted the database
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The Central Bank of Nigeria (CBN) has announced that only individuals aged 18 years and above will be eligible to enrol for the Bank Verification Number (BVN).
The directive was contained in a circular issued to banks, other financial institutions, and payment service providers as part of an addendum to the revised regulatory framework for BVN operations and watchlist guidelines in the Nigerian banking industry.
Source: Getty Images
The circular signed by Musa Jimoh stated that the new provisions will take effect from May 1, 2026.
Details of BVN changes
Under the updated framework, the apex bank mandated financial institutions to create and maintain a temporary watchlist for BVNs linked to suspicious or potentially fraudulent transactions reported across the system.
According to the CBN, any BVN placed on the temporary watchlist can remain there for a maximum of 24 hours, within which the BVN holder must be contacted to provide clarification on the flagged transactions.
In addition, the regulator introduced a new restriction on modifications to phone numbers associated with BVNs, noting that such changes will only be allowed once, Tribune reports.
The circular also reaffirmed that access to the BVN database remains strictly limited to CBN-licensed financial institutions. However, it noted that the apex bank retains the authority to grant access in exceptional cases, subject to applicable laws and regulations.
The measures, the CBN said, are designed to curb fraud, enhance data integrity, and improve the overall security of Nigeria’s banking ecosystem.
Source: UGC
Nigerians rush to link bank accounts
Meanwhile, the BVN database has surged to 68.6 million enrolments as of March 2026, ahead of new regulatory measures introduced by the 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.
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.
CBN orders banks to take action against loan defaulters
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has instructed commercial banks to deny additional credit facilities to borrowers who have failed to repay existing loans.
The directive was communicated in a circular issued to financial institutions across the country, targeting customers who have defaulted on their loan obligations.
According to the apex bank, the measure primarily affects “large-ticket obligors” individuals or companies with substantial outstanding debts within the banking system.
Source: Legit.ng
