The Central Bank of Nigeria (CBN) has announced changes to the Bank Verification Number (BVN) framework, introducing stricter controls on digital banking activities as part of efforts to stop rising fraud and strengthen the integrity of Nigeria’s financial system.
Scheduled to take effect from May 1, the new guidelines will significantly alter how bank customers access mobile banking platforms, manage their BVN-linked details, and switch between devices.
The apex bank explained that the measures are aimed at closing gaps increasingly exploited by fraudsters, particularly in the fast-growing digital banking space.
Under the revised framework, customers will be limited to operating their mobile banking applications on a single device at any given time, the bank said.
It added that any attempt to log in on a new device will automatically deactivate access on the previous one, a move designed to prevent unauthorized simultaneous access.
Besides, customers seeking to switch devices will now undergo enhanced verification processes before being granted access.
The CBN also introduced tighter monitoring of suspicious activities linked to BVNs.
Accounts associated with flagged BVNs may be placed under a 24-hour watch, during which banks are empowered to temporarily restrict or freeze transactions if fraud is suspected.
The bank noted that such proactive measures are necessary to contain threats before they escalate into large-scale financial losses.
In a further bid to address vulnerabilities, especially those linked to SIM-swap fraud, customers will now face limits on how often they can update their BVN-linked phone numbers.
The new rule permits only a one-time change, a restriction expected to reduce cases where fraudsters take over bank accounts by fraudulently reassigning phone numbers.
The guidelines also introduce stricter onboarding rules. Only individuals aged 18 and above will be eligible to enroll for a BVN independently, while minors will be required to operate bank accounts under the supervision of a parent or guardian. For newly activated devices, transaction limits will be imposed, with a cap of ₦20,000 within the first 24 hours to minimize potential losses in the event of unauthorized access.
The latest policy marks one of the most comprehensive overhauls of the BVN system since its introduction in 2014.
The BVN initiative was originally launched by the CBN in collaboration with the Bankers’ Committee to create a unique biometric identity for every bank customer, aimed at tackling identity theft, reducing non-performing loans, and strengthening Know-Your-Customer (KYC) processes across the banking sector.
Over the years, the BVN has become a cornerstone of Nigeria’s financial architecture, supporting everything from account opening to credit verification and government intervention programmes.
However, the rapid expansion of digital banking, mobile money services, and fintech platforms has introduced new risks, with fraudsters increasingly exploiting technological loopholes and weak verification processes.
The apex bank maintained that the new rules are part of a broader strategy to enhance consumer protection, build trust in digital financial services, and ensure the stability of Nigeria’s banking ecosystem.
While the measures may introduce additional steps for users, the regulator insists they are necessary to safeguard customer funds and reduce systemic risks in an increasingly digital economy.