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The Digest:

The Central Bank of Nigeria has introduced stricter Bank Verification Number (BVN) rules effective May 1, 2026, aimed at strengthening fraud monitoring and identity management. Key changes include restricting BVN enrolment to individuals 18 years and above, limiting phone number changes to once, and mandating a 24-hour temporary watchlist for BVNs linked to suspected fraud. Access to BVN databases is exclusively for CBN-licensed institutions, with exceptions only under extant laws. The reforms come as BVN enrolment surges to 68.59 million, supporting CBN's goal of a secure, stable financial system and boosting diaspora remittances, which hit $4.73 billion in 2025.

Key Points:
  • The 24-hour watchlist enables banks to flag suspicious transactions quickly while allowing customers to clarify.
  • One-time phone number change restriction reduces identity manipulation and fraud risks.
  • Age restriction (18+) aligns BVN registration with legally recognised identity thresholds.
  • Exclusive database access prevents unauthorised use of sensitive customer data.
  • Stronger BVN framework supports CBN's broader reforms that have boosted investor confidence and diaspora remittances.
Banks must implement the new BVN rules by May 1, while customers should update their records and expect enhanced fraud monitoring across the financial system.

Sources: Daily Trust, CBN, NIBSS