The Central Bank of Nigeria has announced new guidelines for the Bank Verification Number (BVN) system, set to take effect on May 1, 2026, introducing significant changes to how customers access and manage their bank accounts.
Under the updated rules, tighter security measures will be enforced, including a one-device login restriction, a one-time phone number change policy, and the possibility of temporary account limitations for users flagged for suspicious activity.
The new framework applies to all BVN holders nationwide, and customers are encouraged to update and secure their personal information before the deadline to avoid potential service disruptions.
While the policy is designed to curb fraud and enhance the security of digital banking, it has also raised concerns about accessibility, particularly for users already facing challenges related to network reliability and banking infrastructure.
