The Central Bank of Nigeria (CBN) has unveiled new regulations aimed at strengthening fraud control and digital banking security across the country.
The apex bank issued a circular to all banks, other financial institutions, and payment service providers, detailing amendments to the Revised Regulatory Framework for Bank Verification Number (BVN) operations and additional requirements for Instant Payment services.
Under the new BVN framework, “financial institutions are required to maintain a temporary watch list for BVNs implicated in suspected fraudulent transactions.
“Any BVN placed on this list will remain there for a maximum of 24 hours, during which the account holder will be contacted to provide clarification.”
The circular also set age restrictions for BVN enrolment, limiting registration to individuals 18 years and above, and restricts phone number amendments linked to BVNs to a single change.
The circular further noted that: “Access to BVN databases will now be exclusively for CBN-licensed financial institutions, with the central bank retaining the right to grant access in extenuating circumstances under existing laws. These provisions are set to take effect from May 1, 2026.”
