Nigeria TV Info 

CBN Unveils 10 Key BVN Rule Changes Effective May 1 to Tackle Fraud

The Central Bank of Nigeria (CBN) has announced sweeping changes to the Bank Verification Number (BVN) system, introducing stricter rules aimed at curbing fraud, improving identity management, and strengthening Nigeria’s banking security framework.

The new regulations, which take effect from May 1, 2026, will significantly impact how millions of Nigerians use and manage their bank accounts.

10 Key BVN Rule Changes

1. One-Time Phone Number Change Limit
   BVN holders can now update their registered phone number only once in a lifetime, tightening control over identity-linked SIM changes.

2. 24-Hour Fraud Watchlist Introduction
   Banks can place suspicious BVNs on a temporary watchlist for up to 24 hours while transactions are verified.

3. Mandatory Customer Verification During Alerts
   Customers must respond promptly when contacted about flagged transactions or risk account restrictions.

4. Minimum Age Set at 18 Years
   BVN registration is now restricted strictly to individuals aged 18 and above.

5. Stricter Enrollment Requirements
   New applicants must meet tighter identity verification standards to reduce fraud risks.

6. Restricted Access to BVN Database
   Only CBN-licensed financial institutions can access BVN data, limiting exposure of sensitive information.

7. Centralised Data Control
   The BVN system is now more tightly controlled, reducing informal corrections and requiring official processes for updates.

8. Real-Time Transaction Monitoring
   Banks are empowered to monitor and pause suspicious transactions instantly for investigation.

9. Increased Accountability for Customers
   Account holders must ensure their BVN details—especially phone numbers—are accurate and active.

10. Mandatory Compliance by Financial Institutions
    All banks and payment service providers must fully comply with the updated BVN framework from May 1.

What This Means for Nigerians

The new BVN rules mark a major shift toward a more secure but stricter banking system. While they aim to reduce fraud—especially SIM swap and identity theft—they also place greater responsibility on customers to manage their financial identity carefully.

Failure to comply or update details properly could lead to transaction delays, account restrictions, or access issues.