The Central Bank of Nigeria (CBN) has introduced new regulations to enhance security and oversight in the country’s banking sector. One key change is setting the minimum age for Bank Verification Number (BVN) registration at 18 years, effective May 1, 2026. This move aims to strengthen customer identification processes and reduce fraudulent activities.
The CBN has also restricted phone number changes linked to BVN records, allowing customers to make changes only once. Additionally, access to the BVN database will be limited to licensed financial institutions, with exceptions granted in special circumstances.
For instant payment services, the CBN has introduced new security features, including multi-factor authentication and device binding, where mobile apps can only be active on one device at a time. Customers can also set their own transaction limits, with a maximum of ₦25 million for individuals and ₦250 million for corporate accounts.
The CBN has also made changes to dormant account management, allowing customers to reactivate accounts through alternative channels, removing the affidavit requirement for accounts not yet transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.
Financial institutions are required to publish information about dormant accounts and unclaimed balances on their websites and in national newspapers. They must also deploy enterprise fraud monitoring systems to track suspicious transactions.
The new rules on instant payment services will take effect from July 1, 2026, while the BVN regulations will be effective from May 1, 2026.
The CBN’s directives aim to improve transparency, protect customers, and ensure compliance with existing laws and regulations.
