New framework targets identity security and transaction monitoring
The Central Bank of Nigeria (CBN) will roll out a revised Bank Verification Number (BVN) framework on May 1, 2026. The new rules aim to strengthen digital banking security and reduce rising fraud cases across the financial system.
The policy introduces stricter controls on how customers manage their banking identity and access digital platforms.
Key BVN rule changes
One-time phone number update
Customers can now change the phone number linked to their BVN only once in their lifetime.
The move seeks to prevent identity manipulation often linked to fraud.
Minimum enrollment age set at 18
The CBN has fixed 18 years as the minimum age for independent BVN registration. Minors must now operate bank accounts under a parent or legal guardian.
Single-device login restriction
Mobile banking apps will now allow only one active device per user. Logging in on a new device will automatically log out the previous one.
Banks may also require additional verification before granting access on a new device.
₦20,000 transaction cap on new devices
Customers who activate a new device will face a transaction limit of ₦20,000 within the first 24 hours. This measure aims to reduce fraud risks linked to unauthorized access.
24-hour BVN watchlist
Banks must place BVNs linked to suspicious activities on a temporary watchlist for 24 hours. During this period, affected accounts may face restrictions or temporary freezes while investigations continue.
Additional regulatory deadlines
Mandatory TIN for all accounts
From January 1, 2026, all bank customers must provide a Tax Identification Number (TIN) to operate their accounts. This requirement aligns with broader efforts to improve financial transparency and tax compliance.
PoS geo-tagging enforcement
Point of Sale (PoS) operators must geo-tag their devices to specific locations. Banks will deactivate devices that fail to meet this requirement.
What this means for customers
The new framework signals a major shift toward tighter digital banking controls in Nigeria. Customers must take extra care when managing their BVN details and accessing banking apps.
While the rules may limit flexibility, the CBN believes they will reduce fraud, improve identity security, and strengthen trust in the financial system.
