CBN Restricts BVN Changes to Curb Fraud
The Central Bank of Nigeria (CBN) has announced a significant tightening of the Bank Verification Number (BVN) framework to combat the rise in digital financial crimes. Under new rules taking effect on 1 May 2026, the apex bank will limit phone number amendments linked to a BVN to a one-time change only. Furthermore, the regulator has established a formal age floor, restricting new BVN enrollment to individuals aged 18 and above. These measures aim to eliminate the identity “flipping” frequently used by fraudsters to bypass security protocols.
A central feature of the update is the introduction of a “temporary watchlist” for accounts flagged in suspicious transactions. Banks must now place any BVN implicated in a fraudulent report on this list for a maximum of 24 hours. During this cooling-off period, the financial institution must contact the account holder to seek clarification on the transaction. This short-term freeze is designed to disrupt the rapid movement of stolen funds across the banking system before they can be withdrawn.
The CBN has also asserted absolute control over who views sensitive biometric data. Access to the national BVN database remains the exclusive preserve of CBN-licensed financial institutions. While the bank reserves the right to grant access in “extenuating circumstances,” such exceptions must comply strictly with existing laws. This move reinforces the database’s role as a sovereign security asset rather than a public utility.
These changes follow a separate directive issued earlier in the week regarding automated anti-money laundering (AML) solutions. The bank is pushing for a transition to baseline standards that allow for real-time detection of terrorism financing and illicit cash flows. By combining stricter identity management with automated surveillance, the regulator is attempting to build a multi-layered defence against Nigeria’s evolving cybercrime landscape.
The policy shift addresses long-standing vulnerabilities in how phone numbers are managed within the banking ecosystem. Fraudsters often use multiple SIM swaps or frequent number updates to distance themselves from compromised accounts. By permitting only a single amendment, the CBN is pinning identities more permanently to a verifiable contact point. This transparency is intended to improve the success rate of criminal investigations and fund recoveries.
Musa Jimoh, Director of the Payment System Policy Department, noted that these amendments are an addendum to the 2021 regulatory framework. As the 1 May deadline approaches, banks are expected to upgrade their internal reporting systems to accommodate the 24-hour temporary watchlist. For the average consumer, the rules mean that maintaining a consistent and accurate mobile number is now a prerequisite for uninterrupted banking access.