The Central Bank of Nigeria has issued fresh guidelines governing the use of Bank Verification Numbers (BVN), introducing tighter controls aimed at reducing fraud and strengthening confidence in the country’s digital banking system.
The new measures, which take effect from May 1, will change how customers access mobile banking applications, switch devices and update phone numbers linked to their BVN.
According to the regulator, the framework responds to growing cases of SIM-swap fraud and unauthorised account access.
Under the revised rules, customers will be permitted to use their mobile banking application on only one device at any given time.
Logging in on a new phone will automatically deactivate the app on the previous device, while additional verification checks will apply whenever a device change is initiated.
The guidelines also introduce a temporary transaction cap for customers activating their banking app on a new device.
Transactions within the first 24 hours will be limited to N20,000, a safeguard intended to prevent rapid fund transfers by fraudsters who gain unauthorised access.
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In addition, the CBN has created a 24-hour fraud monitoring watchlist.
BVNs flagged for suspicious activity during this window may be subject to restrictions, with banks empowered to temporarily freeze affected accounts while investigations are carried out.
The new framework further restricts how often customers can update the phone number linked to their BVN.
Under the policy, a BVN-linked phone number may be changed only once in a lifetime, a move designed to curb SIM-swap tactics commonly used in account takeovers.
The apex bank also stated that only individuals aged 18 and above are eligible to enrol for a BVN.
It added that minors will continue to operate bank accounts through arrangements managed by parents or legal guardians.
The CBN said the measures are expected to enhance the resilience of Nigeria’s digital banking ecosystem and massively reduce exposure to financial fraud.
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