The Central Bank of Nigeria (CBN) has issued an addendum to its Revised Regulatory Framework for Bank Verification Number (BVN) operations, introducing sweeping new measures designed to strengthen financial system stability and combat fraud across the 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.
The CBN reiterated that BVN enrolment remains restricted to individuals aged 18 and above, and that access to BVN database information is limited strictly to CBN-licensed financial institutions.
Among the most significant provisions in the new framework is the introduction of a temporary watchlist system for BVNs flagged in suspicious transactions. Under the new framework, financial institutions are required to establish and maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions reported by any financial institution.
A BVN may remain on the temporary watchlist for a maximum period of 24 hours, during which the BVN holder must be contacted to provide clarification.
The CBN also moved to tighten control over phone numbers tied to BVNs, which are widely used for one-time passwords and account recovery. By limiting how often these numbers can be changed, the CBN aims to reduce the risk of identity manipulation and SIM-related fraud that can enable unauthorised access to financial accounts.
The new guidelines also introduce tighter controls over mobile banking and digital account access. Banks are no longer permitted to allow the use of a single banking profile across multiple devices simultaneously mobile banking apps will be restricted to one device at a time, with a fresh authentication process triggered whenever a customer switches to a new phone.
Additionally, all new accounts opened through digital channels must be validated in real time against both the BVN and National Identification Number (NIN) databases , a step regulators say will significantly reduce identity-related fraud. The CBN urged all banks, financial institutions, and payment service providers to comply fully with the updated framework ahead of the May 1, 2026 implementation date.
