A new directive by the Central Bank of Nigeria is set to reshape banking operations across the country, introducing tighter controls on the use of Bank Verification Numbers (BVN) in a bid to strengthen financial security and curb fraud.
The policy, which will take effect from May 1, 2026, outlines stricter guidelines governing BVN management, including limits on phone number changes, new rules for device usage, and enhanced identity verification processes.
The BVN, which serves as a unique identifier linking customers to their bank accounts, has become central to Nigeria’s banking system. However, increasing incidents of fraud particularly SIM swap schemes and unauthorized account access have prompted regulators to introduce more stringent measures.
Under the new framework, customers will face restrictions on how frequently they can change the phone numbers associated with their BVN. Authorities say this step is aimed at reducing fraudulent activities where criminals take over phone lines to access bank accounts.
The policy also introduces additional checks for mobile banking. Customers who log in from new devices may experience temporary transaction limits while banks verify the device. This is intended to prevent unauthorized access when a device change occurs.
In a further effort to protect customers, banks will intensify monitoring of suspicious transactions. BVNs linked to unusual or high-risk activities may be temporarily restricted pending verification, helping to minimize potential financial losses.
Additionally, the new guidelines set 18 years as the minimum age for BVN registration, reinforcing identity management protocols and ensuring that minors operate bank accounts under appropriate supervision.
Financial analysts say the policy reflects growing efforts by regulators to safeguard Nigeria’s financial system as digital banking continues to expand.
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