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A new policy introduced by the Central Bank of Nigeria (CBN) is set to change how Nigerians manage their bank accounts, as authorities move to strengthen financial security and reduce fraud across the banking system.
The policy, which takes effect from May 1, 2026, introduces stricter rules on how Bank Verification Numbers (BVN) are managed, particularly in areas such as phone number changes, device usage, and identity verification.
For many Nigerians, the BVN has become a key requirement for banking services, linking individuals to their accounts and helping banks confirm identities. However, rising cases of fraud especially those involving SIM swaps and unauthorized access have pushed regulators to tighten controls.
Under the new rules, Nigerians will now face limits on how often they can change phone number linked to their BVN. The change is aimed at reducing cases where fraudsters take control of phone numbers to gain access to bank accounts.
Another important part of the policy focuses on mobile device banking. Customers who switch to a new phone may face temporary transaction limits as banks verify the new device. This measure is expected to help prevent unauthorised access to accounts when devices are changed.
The policy also introduces stricter monitoring of suspicious transactions. BVNs linked to unusual activities may be temporarily restricted while banks carry out verification checks. This move is designed to protect customers and reduce financial losses.
In addition, the new rules set 18 years as the minimum age for BVN registration, strengthening identity management within the banking system and ensuring that minors operate accounts under proper supervision.
– National Orientation Agency, Nigeria.
SB E-news.
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