The Central Bank of Nigeria (CBN) has introduced stricter rules guiding the use and management of the Bank Verification Number (BVN) as part of efforts to reduce fraudulent transactions within the financial system.
The revised framework, which takes effect from May 1, includes tighter controls on BVN enrolment, data access and customer information updates. The apex bank said the measures are aimed at strengthening identity management, improving fraud monitoring and safeguarding the integrity of banking transactions.
Under the new guidelines, BVN enrolment is now restricted to individuals aged 18 and above, while customers will only be allowed to change the phone number linked to their BVN once. The restriction is designed to curb identity manipulation often exploited by fraudsters through repeated updates of personal information.
The CBN also directed financial institutions to maintain a temporary watchlist for BVNs linked to suspicious transactions. Affected BVNs may be flagged for up to 24 hours, during which customers are expected to verify or clarify flagged transactions before further action is taken.
In addition, access to BVN data has been tightened, with the apex bank retaining exclusive control over the database while granting access only to licensed financial institutions under defined conditions. The move, according to the CBN, is expected to enhance data security and support a more resilient financial system as BVN enrolment continues to grow.
