CBN sets age limit, One-time phone change in new BVN rules

The Central Bank of Nigeria (CBN) has introduced stricter regulations for the Bank Verification Number (BVN) system to curb fraud and strengthen the country’s financial system, with the new rules set to take effect from May 1, 2026.

According to the apex bank, the updated framework is aimed at improving fraud monitoring, enhancing identity management, and safeguarding the integrity of banking transactions.

Under the new guidelines, BVN enrolment is now restricted to individuals aged 18 and above, while changes to phone numbers linked to a BVN will be limited to a one-time update to reduce the risk of identity manipulation.

Financial institutions are also required to create a temporary watchlist for BVNs linked to suspicious transactions. Such BVNs can remain on the list for up to 24 hours, during which the account holder will be contacted to clarify the flagged activity.

The measure is designed to enable quicker detection of fraud while giving customers the opportunity to resolve issues before further action is taken.

The CBN also tightened access to BVN databases, stating that only licensed financial institutions will be granted access, although the bank retains the authority to approve access in exceptional cases in line with existing laws.

Since its introduction in 2014, the BVN has served as a unique identifier for bank customers, helping to protect accounts from unauthorised access.

Data from the Nigeria Interbank Settlement System (NIBSS) shows that enrolment has continued to rise, reaching 68.59 million users in 2026, reflecting the growing importance of the system in Nigeria’s banking sector.

Analysts say the latest measures will strengthen real-time monitoring of transactions and reduce identity-related fraud, particularly with the new restrictions on enrolment age and phone number changes.

However, some experts have called on the regulator to also sanction banks that allow accounts to operate without proper BVN linkage.

The reforms are part of broader efforts by the CBN under its governor, Olayemi Cardoso, to enhance financial system stability, improve customer protection, and boost confidence in the banking sector.

The apex bank maintains that strengthening the BVN framework will not only curb fraudulent activities but also support financial inclusion and reinforce trust in Nigeria’s financial system.