The Central Bank of Nigeria (CBN) has introduced new amendments to the regulatory framework guiding Bank Verification Number (BVN) operations, including the creation of a temporary fraud watchlist, stricter enrolment conditions, and limits on phone number changes linked to BVNs.
In a circular issued by the CBN’s Payments System Policy Department to banks, other financial institutions and payment service providers, the regulator said the changes are aimed at strengthening financial system stability and tightening controls around identity management within the banking sector.
The circular was signed by Musa Jimoh, director of the Payments System Policy Department at the CBN.
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Under the new provisions, financial institutions are now required to establish and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions reported by any financial institution.
According to the circular, a BVN may remain on the temporary watchlist for a maximum of 24 hours, during which the owner of the BVN must be contacted to clarify the suspicious transaction.
“The BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the CBN said.
The apex bank also introduced a minimum age requirement for BVN enrolment, restricting registration strictly to individuals who are 18 years and above.
In addition, the CBN placed a limit on amendments to phone numbers associated with BVN records, stating that such changes will now be permitted only once.
The bank said the move is designed to reduce identity manipulation and curb fraud risks within the banking system.
The circular also clarified that access to the BVN database will remain restricted to CBN-licensed financial institutions, reinforcing existing safeguards around sensitive customer identity data.
However, the CBN noted that it reserves the right to grant access to the BVN database in exceptional situations, provided such approval is consistent with applicable laws and regulations.
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“Access to the BVN databases shall be exclusively granted to CBN licensed financial institutions. Notwithstanding this provision, the Bank reserves the right to approve access in extenuating circumstances and in accordance with the provisions of extant laws,” the circular stated.
The new measures will take effect from May 1, 2026, with the CBN directing banks, other financial institutions and payment service providers to comply with the updated framework.
The BVN system, introduced to strengthen customer identification and reduce fraud across the banking industry, has become a central pillar of Nigeria’s financial infrastructure, linking customers’ biometric identity to their banking records across financial institutions.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
