The Central Bank of Nigeria (CBN) has rolled out new directives aimed at tightening security across electronic payment channels, enhancing the Bank Verification Number (BVN) framework, and improving the management of dormant accounts and unclaimed funds. The announcements were contained in three separate circulars issued on March 12, 2026, addressed to banks, financial institutions, and payment service providers nationwide.
Brandspur Banking News Desk reports that the apex bank has introduced a voluntary opt-out mechanism for instant payment services, allowing customers to temporarily disable electronic transfers at any time. When activated, account holders will be unable to conduct instant transfers electronically but may still carry out transactions by visiting their bank branches physically. The opt-in and opt-out process will require multi-factor authentication to ensure account security, and new customers will automatically be enrolled for instant payments upon account opening.
The CBN also directed financial institutions to allow customers to adjust personal transaction limits for instant transfers. While the regulatory ceiling remains N25 million for individuals and N250 million for corporate accounts, account holders can now set lower limits subject to enhanced verification and risk assessment. Banks are required to deploy enterprise fraud monitoring systems capable of tracking transactions in real time, allowing for rapid detection and intervention in cases of suspicious activity.
Online account opening and reactivation procedures have been strengthened under the new rules. Accounts created digitally must pass “liveliness checks” to confirm the physical presence of the customer, and all details must be instantly validated against the national identity and BVN databases. Enhanced authentication mechanisms, including biometric verification and token-based systems, are now mandatory for account reactivation online.
Mobile banking applications will be limited to a single device per account, with any switch to a new device triggering fresh authentication and reactivation protocols. Newly activated mobile banking apps will face a transaction limit of ₦20,000 within the first 24 hours, applicable to both new accounts and existing accounts accessed on new devices. Internet banking users logging in on a new device for the first time will also undergo additional security checks. These measures will take effect from July 1, 2026.
On the BVN front, the CBN has set the minimum registration age at 18 years and introduced a temporary watchlist for BVNs suspected of involvement in fraudulent transactions. BVNs can remain on this list for up to 24 hours while banks contact account holders for clarification. The regulator also limited modifications to BVN-linked phone numbers to a single change and restricted BVN database access to licensed financial institutions, with exceptional cases permitted under existing laws. These rules will come into effect from May 1, 2026.
Finally, the apex bank updated the management of dormant accounts and unclaimed funds. Banks may now process reactivation requests through alternative secure channels, removing the previous requirement for affidavits in cases where funds have not been transferred to the Unclaimed Balances Trust Fund (UBTF). Institutions must also publish details of dormant accounts annually on their websites or through industry associations and in national newspapers when necessary. The directive aligns with the Nigeria Data Protection Act 2023 and is backed by the Banks and Other Financial Institutions Act 2020.
