The Central Bank of Nigeria (CBN) has introduced sweeping changes to the Bank Verification Number (BVN) system, set to take effect from May 1, in a move aimed at tightening digital banking security and curbing fraud.
The new guidelines will significantly alter how millions of Nigerians access mobile banking services, switch devices, and manage their personal banking details.
Stricter device controls
Under the revised framework, customers will only be able to use their banking apps on one mobile device at a time. Logging into a new phone will automatically log the user out of any previously linked device.
In addition, customers seeking to switch devices will be required to undergo an extra layer of verification, a measure the CBN says is designed to prevent unauthorised access and identity theft.
Tougher fraud monitoring
The apex bank is also stepping up surveillance of suspicious activities. BVNs flagged for unusual transactions will be placed on a 24-hour watchlist.
During this period, banks may freeze or restrict accounts associated with such BVNs, pending further investigation.
Limits on phone number changes
Another major change affects phone numbers linked to BVNs. Customers will now be allowed to change their registered phone number only once.
The policy is targeted at reducing cases of SIM-swap fraud, a growing concern in Nigeria’s banking sector.
New rules for account holders
The guidelines also introduce stricter age requirements. Only individuals aged 18 and above will be eligible to register for a BVN, while minors must operate bank accounts under the supervision of a guardian.
Transaction cap after device switch
Customers who switch devices will face temporary transaction limits. For the first 24 hours after logging in on a new device, transfers will be capped at N20,000.
Push for safer digital banking
The CBN said the changes are part of broader efforts to strengthen the integrity of Nigeria’s financial system, enhance customer protection, and tackle rising cyber threats.
While the measures are expected to improve security, they may also introduce new layers of inconvenience for users accustomed to seamless access across multiple devices.
As the implementation date approaches, customers are advised to familiarise themselves with the new rules to avoid disruptions to their banking services.
