Central Bank of Nigeria (CBN) will from today start enforcing the new Bank Verification Number (BVN) regulations, in a major move aimed at tightening banking security and reducing rising cases of fraud across the financial system.
Key changes include restricting phone number changes to once in a lifetime, limiting banking apps to one device, and capping transactions on new devices to \(\text{₦}20,000\) for the first 24 hours.
Bank customers need to know these:
One of the major highlights of the policy is the restriction on updating BVN-linked phone numbers.
Customers will now be allowed to change the phone number attached to their BVN only once in their lifetime.
Fraudsters often take over accounts by changing phone numbers through SIM swap tricks. Limiting changes helps reduce that risk.
Make sure the BVN number you use is one you plan to keep for a long time. If you ever need to change it, do so carefully because you won’t get another chance.
Your account can be temporarily restricted for checks
Banks are now authorised to place suspicious BVNs on a 24-hour watchlist.
During this period, affected accounts may be temporarily restricted while investigations and identity verification are carried out.
If your bank notices unusual activity, your account may be flagged.
Transactions could be delayed or restricted while the bank confirms that you are the one making them.
BVN registration is now strictly for adults
Another key update is the introduction of an age restriction.
Only individuals aged 18 and above can independently register for a BVN.
Minors will no longer be able to obtain standalone BVNs, except through structured, guardian-linked arrangements approved by financial institutions.
You can only use your banking app on one device
The apex bank has also introduced a one-device-per-app rule.
This means customers can only use their banking app on one device at a time.
Logging in on a new phone will automatically log out the previous device.
If you switch to a new device, your transactions will be limited to ₦20,000 for the first 24 hours.
The policy is designed to reduce unauthorised access and improve identity verification, making it harder for fraudsters to operate using cloned devices or stolen login details.
BVN services are now limited to authorised channels
Access to BVN-related services is now more controlled.
Only CBN-approved banks and financial institutions can handle BVN updates or issues.
Avoid using third-party apps or unofficial agents. Always go through your bank for any BVN-related request.
