The Central Bank of Nigeria (CBN) will implement stricter Bank Verification Number (BVN) guidelines from May 1, introducing device restrictions, phone number limits and tighter fraud controls aimed at protecting customers in the digital banking space.
The measures include limiting mobile banking apps to one device at a time, with automatic logout of the previous device upon new login and additional verification required for switching. Suspicious BVNs will be placed on a 24-hour watchlist, during which banks may temporarily restrict or freeze linked accounts.
Customers will be allowed to change their BVN-linked phone number only once, a key step targeting SIM-swap fraud and unauthorised access. Transactions on newly activated devices will be capped at ₦20,000 for the first 24 hours.
BVN enrolment will now be restricted to individuals aged 18 and above, while minors must operate accounts under a guardian.
The CBN emphasised that the changes are designed to enhance security and protect customers from rising digital fraud risks. Banks have been directed to enforce the new rules across the system.
These updates form part of broader efforts to strengthen identity verification and reduce vulnerabilities in Nigeria’s fast-growing digital payments ecosystem. Customers are advised to familiarise themselves with the guidelines ahead of the May 1 deadline to avoid disruptions to their banking activities.
