CBN Unveils New BVN Rules to Combat Fraud in Nigeria

The Central Bank of Nigeria (CBN) has announced significant changes to the Bank Verification Number (BVN) framework, set to take effect on May 1, 2026. The new rules include a one-time phone number change linked to the BVN, marking a major shift from previous practices that allowed multiple updates.

This change aims to reduce fraud associated with SIM swap scams, which play a critical role in the authentication process for transactions. Additionally, a temporary fraud watchlist system will enable financial institutions to flag suspicious BVNs for a 24-hour period, allowing for real-time monitoring to prevent fraudulent transfers.

The revised framework will limit BVN enrollment strictly to individuals aged 18 and above, excluding minors who must operate under parental or guardian supervision. The CBN emphasizes enhanced Know Your Customer (KYC) protocols to ensure data accuracy and consistency.

With approximately 60 million Nigerians enrolled in the BVN system, these reforms reflect the CBN's commitment to combating digital fraud and strengthening trust in Nigeria's financial system.