The Central Bank of Nigeria (CBN) has announced 10 major changes to the Bank Verification Number (BVN) system, set to take effect from May 1, as part of efforts to strengthen security and reduce fraud in Nigeria’s digital banking space.
Newsonspot reports that the new rules will significantly affect how customers access mobile banking platforms, switch devices, and manage their BVN-linked information.
Under the updated guidelines, mobile banking applications will now be restricted to a single device per user. Once a customer logs in on a new device, the previous device will be automatically logged out. Additionally, switching devices will require extra verification steps before access is granted.
To further enhance security, BVNs flagged for suspicious activity will be placed on a 24-hour watchlist. Banks may also temporarily restrict or freeze accounts associated with such BVNs as part of fraud prevention measures.
Customers will only be allowed to change their BVN-linked phone number once, a move targeted at curbing SIM-swap fraud and unauthorized account access.
In terms of eligibility, only individuals aged 18 and above will be permitted to enroll for a BVN. Minors, however, can still operate bank accounts, but only under the supervision of a guardian.
Another key change affects transaction limits on newly activated devices. Customers will be restricted to a maximum transaction of ₦20,000 within the first 24 hours of using a new device.
According to the CBN, these measures form part of a broader strategy to tighten Nigeria’s banking system, improve digital security, and reduce the rising cases of fraud linked to electronic transactions.
