CBN Implements Stricter BVN Rules Starting May 1st
• Naijanews • Business
The Central Bank of Nigeria (CBN) is set to introduce stricter Bank Verification Number (BVN) rules effective May 1st, aimed at strengthening financial security and curbing fraud within the banking system. The new regulations will affect customers' access to mobile banking applications, requiring that any new device used to log in will automatically deactivate access on the previous device. Additionally, there will be a temporary transaction cap of ₦20,000 for the first 24 hours after activating a mobile banking app on a new device, designed to prevent fraudsters from quickly transferring large sums of money. A new framework will also introduce a 24-hour fraud monitoring watchlist for BVNs suspected of suspicious activities, allowing banks to temporarily freeze accounts while investigations are conducted. Furthermore, customers will be limited to updating their phone numbers linked to their BVN only once in their lifetime, addressing issues related to SIM swap fraud. The CBN clarified that individuals aged 18 and above can enroll for a BVN, while minors will require a guardian to manage their accounts.
Topics: Banking, Cybersecurity