The Central Bank of Nigeria (CBN) is rolling out stricter BVN rules starting May 1, aimed at enhancing financial security and curbing fraud. Customers using mobile banking should be aware of key changes that affect device usage, phone numbers, and account activity.
Here are the 10 key BVN rule changes:
1.Stricter BVN standards: The new guidelines are designed to improve financial security and combat fraud.
2.One device per app: Mobile banking apps can now be accessed on only one device at a time.
3.Automatic logout on new devices: Logging in from a new phone immediately deactivates the previous device.
4.Additional verification: Switching devices requires extra authentication steps.
5.24-hour fraud watch: Suspicious BVNs are flagged for 24 hours, potentially limiting account activity.
6.Temporary account freeze: Banks may restrict or freeze accounts during fraud investigations.
7.One-time phone number change: BVN-linked phone numbers can only be changed once in a lifetime.
8.SIM swap prevention: The rules aim to reduce fraudsters accessing accounts through phone numbers.
9.Minimum age 18: Only adults can enroll in BVN; minors must use guardian-managed accounts.
10.₦20,000 limit on new devices: Transactions on a newly activated device are limited to ₦20,000 within the first 24 hours.
These measures reflect the CBN’s continued effort to protect customers and reduce financial crime. Users are encouraged to update their devices and verify their BVN-linked phone numbers ahead of May 1.
