If you use mobile banking, there’s an important update you need to know.
Starting May 1, the Central Bank of Nigeria (CBN) will roll out new rules tied to the Bank Verification Number (BVN), aimed at tightening security, reducing fraud, and better protecting customers.
These changes could affect how you log in, switch devices, and even update your phone number.
Here’s a quick breakdown of what’s changing:
1. Tighter BVN security begins May 1
The CBN is introducing stricter guidelines to curb fraud and strengthen financial safety across all banks.
2. One device per banking app
You’ll only be able to use your mobile banking app on one device at a time.
3. Instant logout on new device login
Once you log in on a new phone, your previous device will be automatically logged out.
4. Extra verification for device switching
Changing devices will now require additional authentication steps to confirm your identity.
5. 24-hour fraud watchlist
BVNs flagged for suspicious activity may be placed under observation for 24 hours, with possible restrictions.
6. Temporary account restrictions
Banks may freeze or limit accounts while investigating unusual transactions or activity.
7. One-time phone number update
Customers can only change the phone number linked to their BVN once in a lifetime.
8. Crackdown on SIM swap fraud
These rules are designed to stop fraudsters who exploit SIM swaps to gain account access.
9. Minimum BVN age set at 18
Only individuals aged 18 and above can register for a BVN. Minors will need guardian-managed accounts.
10. ₦20,000 transaction limit on new devices
For the first 24 hours after logging in on a new device, transactions will be capped at ₦20,000.
