CBN Tightens BVN Rules, Introduces Fraud Watchlist

The Central Bank of Nigeria (CBN) has implemented stricter controls regarding the Bank Verification Number (BVN) enrollment and introduced a fraud watchlist for banking customers. This decision, communicated through a circular by Musa Jimoh, Director of the Payment System Policy Department, was published on March 13, 2026.

The measures aim to strengthen fraud monitoring and improve identity management within the financial system, thereby safeguarding the integrity of banking transactions. The CBN's amendments will enable banks to quickly flag suspicious transactions and provide customers with opportunities to explain and resolve issues before further regulatory actions are taken.

Additionally, the framework introduces stricter requirements for BVN enrollment, limiting registration to individuals aged 18 years and above. The CBN retains the authority to approve access to the BVN database, except in circumstances where compliance with existing laws and regulatory provisions is provided.

These measures are believed to enhance fraud detection and improve the integrity of customer identity records in Nigeria's rapidly expanding digital payment ecosystem.