Olamilekan Abayomi
The Central Bank of Nigeria (CBN) has announced 10 key changes to the Bank Verification Number (BVN) rules, effective May 1, 2026. These changes aim to enhance security, prevent fraud, and improve the overall banking experience.
One major change is the *One-Time Phone Number Change*, allowing customers to change their BVN-linked phone number only once in their lifetime. This is designed to curb SIM-swap fraud, where criminals hijack phone numbers to access bank accounts .
Another key change is the *Minimum Age Limit*, setting 18 years as the minimum age for BVN enrollment. Minors will no longer be allowed to hold independent BVNs, and parents/guardians will need to use structured banking products for children .
The CBN has also introduced a *24-Hour Fraud Watchlist*, allowing banks to flag suspicious BVNs for temporary restrictions or freezes while verifying transactions .
Additionally, there’s a *One Device Per Banking App* rule, restricting mobile banking apps to one device at a time. Logging in on a new device will deactivate the previous one and trigger extra authentication checks.
Customers activating banking apps on new devices will face a *₦20,000 Transaction Cap* within the first 24 hours, acting as a safety buffer against potential fraud .
The CBN has also emphasized the importance of linking BVN to a secure, long-term phone number, preferably tied to the National Identification Number (NIN).
These changes are expected to significantly improve account security and restore confidence in digital banking systems .
