8 New CBN Rules for Mobile App Payments Starting July 1, BVN Changes
- The Central Bank of Nigeria has 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, 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 the customers, are for operations such as Bank Verification Number (BVN) and mobile & instant payments.
The BVN rules are now effective from May 2026, while the mobile app payments are effective from July 1, 2026.
Source: Getty Images
Here are the 8 new rules;
1. Fraud Watchlist (BVN Monitoring)
If a BVN is linked to a fraudulent transaction reported by any bank, the BVN 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 accounts might be temporarily restricted.
2. BVN Enrolment age limit
BVN's 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 number is active and update it if it has 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 20,000 will be enforced for 24 hours.
Source: Getty Images
6. Opt-out for instant payment
Customers have been given the option to opt-out from 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.
CBN announces new age limit for BVN enrolment
Earlier, Legit.ng reported that the 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.
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.
Source: Legit.ng
