CBN Introduces Stricter BVN Regulations To Combat Fraud In Nigeria’s Banking System

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Brand Spur
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The Central Bank of Nigeria (CBN) has rolled out a new set of regulations governing the Bank Verification Number (BVN) system, in a decisive move to curb rising cases of fraud across the country’s financial ecosystem.

The updated framework, scheduled to take effect from May 1, focuses on tightening controls around BVN enrolment, limiting access to sensitive data, and strengthening oversight of customer information updates. The apex bank said the reforms are designed to reinforce identity management systems and enhance transaction security.

Brandspur Banking News Desk reports that one of the key changes under the new policy is the restriction of BVN registration to individuals aged 18 years and above, signalling a shift towards stricter compliance and accountability within the banking space.

In addition, customers will now be allowed to modify the phone number linked to their BVN only once, a move aimed at preventing identity fraud commonly executed through repeated alterations of personal records.

Also read: https://brandspurng.com/2026/03/20/8-million-nigerians-at-risk-as-telegram-cyberattacks-surge-despite-massive-crackdown/

The CBN also directed financial institutions to implement a temporary watchlist mechanism for BVNs associated with suspicious activities. Such accounts may be flagged for up to 24 hours, during which affected customers are required to verify transactions before normal operations can resume.

Furthermore, access to BVN data has been significantly restricted, with the central bank maintaining sole control over the database. Licensed financial institutions will only be granted limited access under clearly defined regulatory conditions to ensure data protection and confidentiality.

The new measures come amid growing concerns over digital fraud and identity theft, as Nigeria’s financial system continues to expand rapidly. Analysts believe the strengthened BVN framework will play a critical role in improving trust, reducing vulnerabilities, and safeguarding the integrity of banking operations nationwide.