Juliet Ezeh
The Central Bank of Nigeria has announced May 1, 2026, as the enforcement deadline for a revised regulatory framework governing Bank Verification Number operations, introducing stricter controls aimed at curbing fraud and strengthening financial system integrity.
The new measures are expected to significantly impact how millions of Nigerians access and manage their bank accounts, particularly in areas relating to identity verification, transaction monitoring, and digital banking access.
Stricter BVN Enrollment Rules
Under the updated framework, BVN registration will now be limited to individuals aged 18 and above. This effectively removes minors from direct biometric enrollment, placing responsibility on parents or guardians to manage financial activities for children through existing accounts.
The move is seen as part of efforts to tighten identity management and reduce vulnerabilities associated with underage account usage.
Limits on Phone Number Changes
The apex bank has also introduced restrictions on updates to phone numbers linked to BVN records.
Customers will now be allowed to change their registered phone number only once, a policy designed to address growing concerns over SIM swap fraud and unauthorized access to bank accounts.
Financial analysts say this measure could reduce identity theft but may also require customers to exercise greater caution in maintaining active and secure phone lines.
24-Hour Watchlist for Suspicious Transactions
In a bid to improve fraud detection, financial institutions are now required to place suspicious transactions under a temporary 24-hour watchlist.
This window is intended to allow customers to verify or dispute flagged transactions before further action is taken, potentially reducing wrongful account restrictions while strengthening monitoring systems.
Tighter Access to BVN Database
Access to the BVN database will now be restricted strictly to institutions licensed by the Central Bank of Nigeria.
Any exceptions will require special regulatory approval, a move aimed at safeguarding sensitive financial data and preventing unauthorized use of personal information.
Sanctions for Watchlisted Individuals
The framework also introduces tougher consequences for individuals placed on a permanent watchlist.
Affected persons will be barred from opening new bank accounts and restricted from using digital banking channels, including ATMs and point-of-sale services.
This is expected to serve as a deterrent against fraudulent activities while reinforcing accountability within the banking system.
Implications for Bank Customers
The new BVN regulations signal a broader push by the CBN to modernize Nigeria’s financial system and address rising cases of electronic fraud.
However, the changes may also require customers to update and secure their banking details ahead of the deadline to avoid disruptions.
Industry observers note that while the policies could enhance security, public awareness and compliance will be critical to ensuring a smooth transition.
With the May 1 deadline approaching, financial institutions are expected to intensify customer education and system upgrades to align with the new requirements.
The development underscores the CBN’s ongoing efforts to balance financial inclusion with stronger regulatory oversight in an increasingly digital banking environment.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.