Central Bank of Nigeria (CBN) is implementing stricter Bank Verification Number (BVN) regulations, including limiting phone number changes to only once in a lifetime.
This will take effect from May 1.
Also, mobile apps will be restricted to one device, a 24-hour temporary watch-list for suspicious transactions will be enforced, and enrollment is restricted to individuals aged 18 and above.
Other key changes are:
One Device Policy: Mobile banking apps will be restricted to one device, with automatic logout when accessing another device.
Fraud Watchlist: BVNs linked to suspicious activity will be placed on a 24-hour, temporary, or permanent blacklist, temporarily freezing accounts.
Age Restriction: Enrollment for BVN is now restricted to individuals aged 18 and above.
Data Correction: Changes to BVN profile details (Name, DOB) are also heavily restricted, allowing only one-time corrections to data.
