Top 10 Essential BVN Regulations Nigerians Need To Know Before May 1

As part of renewed efforts to reduce fraud and improve digital banking procedures, the Central Bank of Nigeria (CBN) has outlined ten significant changes to the Bank Verification Number (BVN) system, which will go into effect on May 1.

Customers’ access to mobile banking services, device switching, and BVN details will all be directly impacted by the revised guidelines, according to the apex bank.

The CBN claims that the actions are a part of a larger effort to strengthen security throughout Nigeria’s banking system and drastically lower the number of fraud cases connected to online transactions.

1.Mobile banking apps will be restricted to one device at a time.

2. Logging in on a new device will automatically log out the previous device.

3. Switching devices will require additional verification before access is granted.

4. Suspicious BVNs will be placed on a 24-hour watchlist.

5. Banks may temporarily restrict or freeze accounts linked to flagged BVNs.

6. Customers can only change their BVN-linked phone number once.

7. The rule targets SIM-swap fraud and unauthorised access.

8. Only individuals aged 18 and above can enrol for a BVN.

9. Minors must operate accounts under a guardian.

10. Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.