Iyunade Grace
The Central Bank of Nigeria (CBN) is rolling out 10 major changes to Bank Verification Number (BVN) rules from May 1, 2026, as part of a push to curb fraud, SIM-swap scams, and unauthorized access in digital banking. The new framework affects how you log in, switch devices, change phone numbers, and enroll for BVN. Here’s what every account holder needs to know.
*1. One device per banking app, with auto logout*
Mobile banking apps will be restricted to one device at a time. Logging in on a new phone or device will automatically log out the previous one. This stops fraudsters who clone apps or run multiple sessions to move money.
*2. Extra verification when switching devices*
Switching devices triggers additional identity verification before access is granted. Expect OTPs, face ID, or security questions. And for the first 24 hours after activating a new device, transactions are capped at ₦20,000. That limits damage if a fraudster gets in.
*3. 24-hour fraud watchlist + possible freeze*
Banks must place any BVN linked to suspicious activity on a temporary 24-hour watchlist. During that window, accounts may be restricted or frozen while the bank contacts you to verify. The CBN says a BVN may remain on this watchlist for a maximum of 24 hours while the owner is contacted.
*4. One-time phone number change — forever*
You can only change your BVN-linked phone number once in your lifetime. The rule directly targets SIM-swap fraud, where criminals hijack numbers to access accounts. CBN advises linking your BVN to a secure, long-term number, preferably tied to your NIN.
*5. Age limit: 18+ only for new BVN enrolment*
Only individuals aged 18 and above can now enrol for a BVN, effective May 1, 2026. Minors can no longer hold independent BVNs and must operate accounts under a parent or guardian. This was confirmed in a CBN circular signed by Musa Jimoh.
*6. Transaction cap on new devices*
As noted, newly activated devices face a ₦20,000 transaction limit within the first 24 hours. It’s a cooling-off period to catch unauthorized logins before large transfers happen.
*7. Why it’s happening: fraud is rising*
CBN said the measures aim to reduce fraud and enhance security of the financial system. Under the new rule, banks must establish and maintain a temporary watchlist for BVNs linked to suspicious transactions. NIBSS data showed fraudsters exploit BVN loopholes to steal over ₦1bn.
*8. What to do before May 1*
CBN and banks advise: confirm your BVN-linked phone number is active and secure, update details early if you must change your number before the one-time limit kicks in, and secure your devices for stricter logins. While the rules may cause short-term inconvenience, they’re expected to improve account security and restore confidence in digital banking. 9906
The 10 changes in summary: one device at a time; auto logout on new login; extra verification to switch; 24-hour watchlist for suspicious BVNs; possible temporary freeze; one-time phone number change; rule targets SIM-swap; 18+ age limit; minors under guardian; ₦20,000 cap for 24 hours on new devices. Enforcement starts May 1, 2026.
