If you use mobile banking, you’ll want to pay attention. From May 1, the Central Bank of Nigeria (CBN) is rolling out new BVN rules that could affect how you log in, switch devices, and even change your phone number. Here’s a quick breakdown of what’s changing: Stricter BVN rules……
If you use mobile banking, you’ll want to pay attention. From May 1, the Central Bank of Nigeria (CBN) is rolling out new BVN rules that could affect how you log in, switch devices, and even change your phone number.
Here’s a quick breakdown of what’s changing:
Stricter BVN rules begin May 1
The CBN will enforce new BVN guidelines to combat fraud and strengthen financial security.
One device per banking app
Customers can only use their mobile banking app on one device at a time.
Automatic logout on new device
Logging in on a new phone will instantly deactivate the previous device.
Extra verification checks
Switching devices will trigger additional authentication steps.
24-hour fraud watchlist
Suspicious BVNs will be flagged for 24 hours, with possible account restrictions.
Accounts may be frozen temporarily
Banks can restrict or freeze accounts while verifying suspicious activity.
One-time phone number change
Customers can only change their BVN-linked phone number once in a lifetime.
SIM-swap fraud targeted
The rule aims to curb fraudsters who hijack phone numbers to access accounts.
Minimum age set at 18
Only adults can enrol for BVN; minors must use guardian-managed accounts.
₦20,000 limit on new devices
Transactions are capped at ₦20,000 within the first 24 hours after activating a new device.
