The Central Bank of Nigeria (CBN) has introduced stricter Bank Verification Number (BVN) regulations, including a one-time-only limit on phone number changes and a temporary watchlist for suspected fraudulent activity.
In a circular dated 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 CBN instructed all banks, financial institutions, and payment service providers to comply starting May 1, 2026.
Key changes include:
BVN enrolment restricted to individuals aged 18 and above.
Customers allowed to amend or change the phone number linked to their BVN only once, to curb SIM-swap fraud and identity manipulation risks.
Financial institutions required to place any BVN flagged for suspected fraud on a temporary watchlist for up to 24 hours.
During this period, the account holder must be contacted for clarification before any restricted transactions can proceed.
Access to BVN databases remains limited to CBN-licensed entities, with exceptions granted only in exceptional cases under existing laws.
Signed by Musa Jimoh, Director of the Payment System Policy Department, the addendum aims to strengthen identity verification, reduce social engineering scams, and protect customers in an increasingly digital banking environment.
The updates build on the 2021 BVN framework and respond to growing concerns over unauthorised transactions and fraud in Nigeria’s financial system.
Banks have been directed to update their systems and processes ahead of the May 1 deadline. Customers who may need to update contact details in the future are advised to choose carefully, as further changes will no longer be permitted.
This forms part of the CBN’s broader push to enhance security and trust in the banking sector amid rising digital adoption.
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