The Central Bank of Nigeria (CBN) has released a new addendum to its Revised Regulatory Framework for Bank Verification Number (BVN) operations and watch-list management, introducing stricter measures to combat fraud and enhance financial system stability.
The circular, signed by Musa I. Jimoh, Director of the Payments System Policy Department, and dated March 12, 2026, takes effect from May 1, 2026.
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Financial institutions are now required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions, A BVN flagged for suspicion will remain on the watch-list for a maximum of 24 hours. During this period, the BVN owner must be contacted to provide clarification on the transaction(s).
If no satisfactory explanation is provided, further action may be taken in line with existing fraud prevention protocols. Age Restriction for BVN Registration BVN enrolment is now restricted to individuals who have attained 18 years and above. This measure aims to prevent underage misuse of the system.
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One-Time Phone Number Amendment Rule Amendments to phone numbers linked to a BVN will be permitted only once. This is intended to curb fraudsters’ ability to frequently change contact details to evade detection. Strict Access Controls to BVN Database Access to BVN databases remains limited exclusively to CBN-licensed financial institutions.
The CBN reserves the right to grant access in extenuating circumstances, subject to extant laws. No third-party access is allowed without explicit CBN approval.
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The CBN stated that these measures are part of its ongoing mandate to promote financial system stability and ensure uniform application of BVN operations and watch-list procedures across all banks, other financial institutions, and payment service providers.
Financial institutions are expected to update their systems and processes to comply with the new requirements. Customers whose BVNs are temporarily flagged may be contacted by their banks for verification.
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DDNewsOnline – Lagos
By Ogungbayi Beedee Adeyemi
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