The CBN will implement stricter BVN regulations from May 1, introducing device limits, enhanced verification, and transaction caps to combat digital banking fraud.
The Central Bank of Nigeria has announced 10 major changes to the Bank Verification Number system, effective May 1, aimed at strengthening digital banking security. The apex bank said the revised guidelines will impact mobile banking access, device switching, and BVN management as part of efforts to reduce fraud.
The CBN noted the measures are part of broader reforms to protect customers from rising digital transaction risks. Key changes include:
- One device per mobile banking app
- Automatic logout on new device login
- Extra verification for device switching
- 24-hour watchlist for suspicious BVNs
- Possible account restrictions or freezes
- One-time BVN phone number change
- SIM-swap fraud prevention focus
- BVN enrolment limited to 18+
- Minors require guardian accounts
- ₦20,000 transaction cap on new devices
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