Breaking News On New Bvn Policy (Central Bank of Nigeria)

 The Central Bank of Nigeria (CBN) has introduced a strict new framework for Bank Verification Number (BVN) operations, with major changes taking effect on May 1, 2026. These rules shift Nigeria toward a "zero-trust" security model to combat rising digital fraud, specifically targeting SIM-swap scams and unauthorized account access. 

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Key BVN Rule Changes (Effective May 1, 2026)

One-Time Phone Number Update: Customers can now only change the mobile number linked to their BVN once in their lifetime.

18+ Enrollment Limit: BVN registration is strictly restricted to individuals aged 18 and above. Minors must now operate accounts through guardian-managed structures.

24-Hour Fraud Watchlist: Banks can now place a BVN on a temporary watchlist for up to 24 hours if suspicious activity is detected, allowing time to verify transactions with the customer.

Mandatory Liveness Checks: All new account openings and reactivations must include real-time liveness verification (selfie-based checks) validated against national databases. 

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New Mobile Banking Restrictions

One Device Policy: Starting July 1, 2026, banking apps can only be active on a single device at a time. Logging into a new phone will automatically deactivate the app on the old one.

New Device Transaction Cap: For the first 24 hours after activating a banking app on a new device, transactions (both inflows and outflows) are capped at ₦20,000.

Instant Payment Opt-Out: Customers now have the option to voluntarily disable instant payment services on their accounts for added security, requiring physical visits to bank branches for transfers while opted out. 

Central Bank of Nigeria

Central Bank of Nigeria

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Compliance Deadlines for Financial Institutions

Automated AML Solutions: Deposit Money Banks have 18 months (until approximately September 2027) to fully automate their Anti-Money Laundering (AML) systems, while other financial institutions have 24 months.

PoS Geo-Tagging: All Point of Sale (PoS) terminals must be registered with exact GPS coordinates to enhance location-based monitoring and curb unauthorized usage. 

Central Bank of Nigeria

Central Bank of Nigeria

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Would you like the specific USSD codes to verify your current BVN-linked details before the update limit takes effect?