The Central Bank of Nigeria (CBN) will begin enforcing a new set of BVN rules from May 1, introducing stricter controls on mobile banking access, device changes, and identity verification.
The policy is aimed at reducing fraud, limiting unauthorized account access, and tightening security across Nigeria’s banking system.
Under the new rules, customers will only be able to link one device to their mobile banking app at a time. If a user logs in on a new device, the previous device will be automatically logged out.
The CBN also said switching to a new device will require additional verification before access is granted. Transactions made on freshly activated devices will be limited to ₦20,000 within the first 24 hours.
In another major change, BVNs linked to suspicious activity will be placed on a 24-hour watchlist, while banks may temporarily restrict or freeze accounts connected to flagged BVNs.
The new framework also introduces a lifetime limit on BVN-linked phone number changes. Customers will only be allowed to change their registered phone number once, a move intended to curb SIM-swap fraud and unauthorized access.
The CBN further said only people aged 18 and above can enrol for a BVN, while minors must operate accounts under a guardian.
Taken together, the rules mark one of the strongest digital banking security shifts in recent years and are expected to affect customers who frequently change phones, SIM cards, or banking devices.
10 key BVN rule changes from May 1
- One mobile banking device per user at a time.
- Automatic logout from the old device when a new one is used.
- Extra verification for switching devices.
- 24-hour watchlist for suspicious BVNs.
- Temporary restriction or freeze of flagged accounts.
- One-time BVN-linked phone number change.
- Phone-number rule introduced to curb SIM-swap fraud.
- BVN enrolment is limited to adults 18 and above.
- Minors must bank through a guardian.
- ₦20,000 transaction cap on newly activated devices for 24 hours.
The update on the BVN rules is likely to be closely watched by bank customers, fintech users, and fraud prevention experts as the May 1 enforcement date approaches.
