CBN introduces stricter BVN rules, limits phone number changes

 

The Central Bank of Nigeria (CBN) has introduced additional measures to strengthen the regulatory framework guiding Bank Verification Number (BVN) operations and the watch-list system within the country’s banking sector.

The new directive was contained in an addendum to the Revised Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry.

The circular, dated March 12, 2026, was signed by Musa I. Jimoh, Director of the Payments System Policy Department, and will come into effect on May 1, 2026.

Under the updated guidelines, banks and other financial institutions are required to create and maintain a temporary watch-list for BVNs linked to suspected fraudulent activities.

“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.

The addendum also introduced a minimum age requirement for BVN enrolment, specifying that only individuals who are at least 18 years old can register.

Furthermore, the apex bank placed limits on modifications to phone numbers associated with BVNs.

“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.

The CBN also reiterated that access to BVN databases will remain restricted.

“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions. Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.

According to the apex bank, the measures form part of its mandate “of promoting financial system stability”, while ensuring uniform implementation of BVN operations and watch-list procedures across banks, financial institutions, and payment service providers.

With the new system in place, financial institutions are expected to comply fully with the revised requirements, while bank customers may be contacted if their BVNs are temporarily flagged during the fraud monitoring process.