The Central Bank of Nigeria (CBN) has announced 10 major updates to the Bank Verification Number (BVN) system, set to take effect from May 1, as part of efforts to curb fraud and improve digital banking security.
Newsonspot reports that the new guidelines will significantly impact how customers access mobile banking, switch devices, and manage their BVN details. According to the apex bank, the changes are aimed at strengthening Nigeria’s financial system and reducing fraud linked to digital transactions.
BVN Rule Change Description:
1. One Device Access – Mobile banking apps will be restricted to one device at a time
2. Auto Logout – Logging in on a new device logs out the previous device
3. Device Switch Verification – Extra verification required before using a new device
4. 24-Hour Watchlist Suspicious – BVNs will be monitored for 24 hours
5. Account Restrictions – Banks can freeze or limit accounts linked to flagged BVNs
6. Phone Number Change Limit – BVN-linked phone number can only be changed once
7. SIM-Swap Fraud Control – Rule targets fraud from SIM swaps and unauthorised access
8. Age Restriction – Only individuals 18+ can enrol for BVN
9. Minor Accounts – Minors must operate accounts under a guardian
10. Transaction Cap – ₦20,000 limit on transactions within first 24 hours on new devices
