. New Guidelines Implemented To Combat Fraud, Explanation CBN gave on imminent measure
From May 1, 2026, Nigerian bank customers will operate under a stricter Bank Verification Number, BVN, framework introduced by the Central Bank of Nigeria, CBN, to curb fraud and strengthen identity protection across the financial system.
The new rules affect customers of all CBN-licensed banks including Access Bank, Zenith Bank, UBA and other financial institutions, and come as digital payments and online banking continue to expand nationwide.
With the deadline weeks away, experts say account holders must take urgent steps to avoid disruptions, account restrictions, or permanent loss of access to their funds. NOP NIGERIA presents five things every Nigerian should do now.
1. Lock in a permanent phone number linked to your BVN
Under the new guidelines, customers can change the phone number associated with their BVN only once in their lifetime. The CBN says the policy targets SIM-swap fraud, where criminals hijack phone numbers to access bank accounts.
Customers are advised to link their BVN to a secure, long-term phone number, preferably one already tied to their National Identification Number, NIN. For Nigerians in the diaspora still using old Nigerian lines, there is high risk that the number has been reassigned to someone else, opening the door to fraud.
Diaspora customers can update their BVN details via the official government platform, http://nprbvn.com, by uploading a Nigerian passport, proof of residence abroad, and completing facial verification.
2. Ensure your BVN is active and your age qualifies
The CBN has set 18 years as the minimum age for BVN enrolment, meaning minors will no longer be allowed to hold independent BVNs. Parents and guardians must use structured banking products designed for children instead.
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With BVN enrolment now at 66.2 million as of July 2025, the framework remains central to Know-Your-Customer compliance and transaction security across Nigeria’s financial system.
3. Secure your mobile banking app to one device
Mobile banking apps will now be restricted to one device at a time. Logging into your banking app on a new device will automatically deactivate access on the previous one and trigger additional authentication checks.
A transaction cap of N20,000 also applies within the first 24 hours of activating a new device, as an added safeguard against unauthorised access.
4. Monitor your account to avoid the 24-hour fraud watchlist
Banks are now required to place any BVN linked to suspicious activity on a temporary 24-hour watchlist. During this period, affected accounts may be restricted or frozen while the bank contacts the customer for verification.
The CBN said a BVN may remain on this temporary watchlist for a maximum of 24 hours, during which the BVN owner shall be contacted to clarify the identified transactions. Analysts note the measure lets banks act fast without immediately freezing legitimate accounts.
5. Update all linked services and avoid frequent changes
Because phone numbers linked to BVN are used for OTPs, transaction alerts, and account recovery, fraudsters often target them through SIM swaps or social engineering. By limiting changes to once in a lifetime, the CBN hopes to close a major loophole criminals exploit.
Amendments to phone numbers linked to a BVN shall be allowed only once, and access to BVN databases remains exclusively with CBN-licensed financial institutions. Customers should therefore verify that their current number is correct before May 1 and update banks, fintech apps, and any platform using BVN-linked alerts.
The CBN said the new framework takes effect May 1, 2026, and is designed to reduce fraud, strengthen identity management, and safeguard the integrity of financial transactions. Customers who fail to comply risk service disruptions, temporary account restrictions, or inability to recover accounts if their linked phone number becomes inaccessible.
Impending Impact
Already, the banks are effecting the changes. A message from Sterling Bank obtained by The Flagship News, reads: “The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) guidelines effective May 1, 2026, to improve account security and reduce fraud.”
The CBN stressed that the measures are essential for enhancing customer security and maintaining confidence in the banking sector.
NOP NIGERIA
