The Central Bank of Nigeria (CBN) has implemented enhanced regulations for Bank Verification Numbers (BVN). These include a one-time limit on changes to registered phone numbers and the establishment of a temporary watchlist to monitor potential fraudulent activities.
In a circular issued on March 12, 2026, titled “Addendum to the Revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021,” the Central Bank of Nigeria (CBN) mandated that all banks, financial institutions, and payment service providers adhere to these new directives, effective May 1, 2026.Key modifications include:- BVN enrollment now limited to individuals aged 18 and older.- Customers may change the phone number associated with their BVN only once, as a measure to mitigate risks related to SIM-swap fraud and identity manipulation.
Financial institutions are mandated to temporarily place any BVN flagged for suspected fraud on a watchlist for a duration of up to 24 hours.
During this time, it is essential to reach out to the account holder for clarification prior to proceeding with any restricted transactions. Access to BVN databases is exclusively limited to entities licensed by the CBN, with exceptions permitted only in extraordinary circumstances as detailed by existing regulations.
This addendum, signed by Musa Jimoh, Director of the Payment System Policy Department, is designed to enhance identity verification processes, mitigate social engineering scams, and safeguard customers in a progressively digital banking landscape.
The recent updates strengthen the 2021 BVN framework and address increasing concerns regarding unauthorized transactions and fraud within Nigeria’s financial landscape. Banks are required to upgrade their systems and processes by the May 1 deadline.
Customers advising that they may need to update their contact details in the future should exercise caution, as further modifications will not be allowed.This initiative is part of the Central Bank of Nigeria’s broader strategy to bolster security and instill confidence in the banking sector in light of the growing reliance on digital services.
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