CBN Announces 10 Major BVN Rule Changes Effective May 1

The Central Bank of Nigeria (CBN) has introduced 10 important updates to the Bank Verification Number (BVN) system, which will take effect from May 1. These changes are part of ongoing efforts to strengthen security, reduce fraud, and improve digital banking operations across the country.

According to the new guidelines, customers will experience updates in how they access mobile banking services, switch between devices, and manage their BVN information. The revised rules are designed to enhance user verification processes and ensure safer financial transactions.

With the growing reliance on digital banking, the CBN aims to provide a more secure and efficient system for all users. Customers are advised to stay informed and comply with the new requirements to avoid disruptions in banking services.

The 10 key changes include:

Mobile banking apps will be restricted to one device at a time.

Logging in on a new device will automatically log out the previous device.

Switching devices will require additional verification before access is granted.

Suspicious BVNs will be placed on a 24-hour watchlist.

Banks may temporarily restrict or freeze accounts linked to flagged BVNs.

Customers can only change their BVN-linked phone number once.

The rule targets SIM-swap fraud and unauthorised access.

Only individuals aged 18 and above can enrol for a BVN.

Minors must operate accounts under a guardian.

Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.

The apex bank said the measures are part of a broader push to tighten security across Nigeria’s banking system and reduce cases of fraud linked to digital transactions.

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