‎BVN Update: 10 New Rules You Need to Know, Effective May 1

By Emmanuel Kwada

The Central Bank of Nigeria (CBN) has announced sweeping reforms to the Bank Verification Number (BVN) framework, with 10 key changes set to take effect from May 1, 2026.

The measures, aimed at tightening digital banking security and significantly reducing fraud, will directly impact how millions of Nigerians access mobile apps, switch devices, update personal details, and manage their accounts.

CBN Governor Olayemi Cardoso described the overhaul as a critical step in the apex bank’s ongoing capital drive and broader push to safeguard the nation’s financial system against rising cases of SIM-swap fraud, unauthorised access, and identity theft.

‎“These updates represent our commitment to building a more secure, transparent, and resilient banking ecosystem,” the Governor said, noting that the new guidelines will affect customer logins, device management, and BVN-linked operations across all commercial banks.

The reforms come as digital transactions continue to surge, making robust verification systems essential to protect depositors and maintain public confidence in Nigeria’s financial institutions.

Here are the 10 key BVN rule changes customers must prepare for from May 1:

1. Single-device restriction for mobile banking apps: Customers will be allowed to use their BVN-linked banking app on only one device at any given time.
2. Automatic logout on new device login: Attempting to log into a banking app on a new device will instantly log out the previous device, preventing simultaneous access.
3. Mandatory additional verification for device switching: Customers switching to a new device will be required to undergo extra layers of verification before full access is granted.
4. 24-hour watchlist for suspicious BVNs: Any BVN flagged for suspicious activity will be placed under immediate 24-hour monitoring by banks and the CBN.
5. Temporary account restrictions or freezes: Banks will have the authority to temporarily restrict or freeze accounts linked to flagged BVNs pending further investigation.
6. One-time limit on changing BVN-linked phone numbers: Customers will be permitted to change the phone number tied to their BVN only once, a direct measure to combat SIM-swap fraud.
7. Age restriction on BVN enrolment: Only individuals aged 18 years and above will be eligible to enrol for a new BVN.
8. Guardian requirement for minors: Children and minors below 18 will only be allowed to operate bank accounts under the direct supervision of a parent or legal guardian who holds a valid BVN.
9. Transaction cap on newly activated devices: Any transaction initiated on a newly activated or switched device will be limited to a maximum of ₦20,000 within the first 24 hours.
10. Enhanced device and access controls: Banks will implement stricter protocols for managing BVN details, including real-time alerts and verification for all high-risk activities.

The CBN emphasised that these changes are part of a comprehensive strategy to curb fraud linked to digital transactions while ensuring seamless but safer banking experiences for legitimate customers.

Banks have been directed to begin immediate sensitisation campaigns to educate customers ahead of the May 1 deadline.

Avoid sharing BVN details to prevent any service disruptions

However, customers have been advised to update their banking apps, verify their registered phone numbers, and avoid sharing BVN details to prevent any service disruptions.

The apex bank has assured Nigerians that the reforms will not affect existing compliant accounts but will introduce stronger safeguards to protect the integrity of the financial system.

As the May 1 implementation date approaches, all bank customers are urged to visit their banks or check official CBN communications for full details and compliance guidelines.

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