The Central Bank of Nigeria (CBN) has released a new set of Bank Verification Number (BVN) guidelines aimed at tightening security across the country’s financial system and reducing the growing cases of fraud.
The revised rules, which take effect on May 1, introduce major changes to how customers access mobile banking apps, switch devices, and update phone numbers linked to their BVN. The measures are part of the apex bank’s efforts to combat SIM‑swap fraud and unauthorized access to bank accounts.
1. One Mobile Banking App Per Device
Under the new framework, customers will only be able to use their mobile banking app on a single device at any given time. Logging in on a new phone will automatically deactivate the app on the previous device. Additional verification steps will also be required whenever a customer attempts to switch devices.
2. ₦20,000 Transaction Limit for New Devices
Customers who activate their banking app on a new device will face a temporary transaction cap. For the first 24 hours, transfers will be limited to ₦20,000. The CBN says this measure is designed to prevent fraudsters from moving large sums immediately after gaining access to a compromised account.
3. 24‑Hour Fraud Watchlist
The guidelines introduce a 24‑hour monitoring window for BVNs flagged for suspicious activity. During this period, banks may restrict affected accounts while investigations are conducted. Financial institutions will also have the authority to temporarily freeze accounts to verify unusual or potentially fraudulent transactions.
4. BVN Phone Number Can Only Be Changed Once
In a major shift, customers will now be allowed to update the phone number linked to their BVN only once in their lifetime. This policy targets fraudsters who exploit SIM‑swap operations to hijack bank accounts and intercept authentication messages.
5. BVN Registration Restricted to Adults
The CBN also clarified that only individuals aged 18 and above can enroll for a BVN. Minors will be required to operate bank accounts through guardian‑managed arrangements until they reach adulthood.
The apex bank believes these new measures will significantly strengthen Nigeria’s digital banking security and reduce the risk of fraud across the financial system.
