BVN Changes: 8 New CBN Rules for Mobile App Payments Starting July 1
- The Central Bank of Nigeria introduced new BVN and mobile banking rules effective May and July 1, 2026
- BVN updates include a 24-hour fraud watchlist system, restriction of enrolment to persons aged 18 and above
- Mobile banking changes include a one-device-at-a-time rule, a N20,000 transaction limit on new devices
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ecobank Nigeria has notified its customers of fresh regulations from the CBN to strengthen their account safety and to curb financial system fraud.
The new rules, which were communicated via a message to customers, are for operations such as Bank Verification Number (BVN) and mobile & instant payments.
The BVN rules became effective on May 1, 2026, while the mobile app payments are effective from July 1, 2026.
Source: Getty Images
8 new CBN rules for BVN and Mobile App payments
Here are the 8 new rules;
1. Fraud Watchlist (BVN Monitoring)
If a BVN is linked to a fraudulent transaction reported by any bank, it might be placed on a temporary watchlist for a 24-hour duration. Within that period, the customer will be contacted to clarify issues with the bank, and the account might be temporarily restricted.
2. BVN Enrolment age limit
BVN enrollment is now restricted to those 18 years old and above.
3. One-time Phone number change
The BVN-linked phone number could only be changed once. The bank, therefore, implores customers to always ensure that their registered numbers are active and update them if they have been deactivated before May 1, 2026.
4. One device at a time rule (mobile banking)
The mobile banking applications will be operational on only one device at a time. If switching devices, a full re-authentication will be needed before usage is granted.
5. Transaction limits on new device
On new device activation on the mobile banking app, a transactional limit of N20,000 will be enforced for 24 hours.
Source: Getty Images
6. Opt-out for instant payment
Customers have been given the option to opt out of the instant payment service. Upon opting out, online transfers will be blocked; however, they may be made at the bank.
7. Personalised transaction limits
Customers will have the opportunity to customise their individual transaction limit to something lower than the regulatory limit.
8. Strengthening the fraud prevention framework
All these efforts are made to tackle the increasing rise of SIM-swap fraud and other illicit activities that lead to account takeover.
Nigerian bank exposes fraudsters' new method
Earlier, Legit.ng reported that Ecobank Nigeria has issued a warning to customers over new cyber threats, urging vigilance against fake banking apps and deceptive pop-ups designed to facilitate unauthorised access
In a public advisory on Monday, November 10, the bank said that scammers are creating clone banking apps and pop-ups that mimic legitimate banking platforms.
It added that once installed, these fraudulent apps can access users’ phones and steal sensitive information, including PINs, passwords, and one-time passwords (OTPs), which can be used to carry out unauthorised fund transfers.
Source: Legit.ng
