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The Digest:

The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) regulations aimed at combating financial fraud, including a 24-hour temporary watch list for accounts linked to suspicious transactions. Starting May 1, financial institutions must flag such BVNs and contact account holders for clarification. While fraud losses declined 51% to N25.85 billion in 2025, Nigeria still ranks 110th out of 112 countries in the global fraud index, highlighting the urgency for stronger measures.

Key Points:
  • BVN enrolment is now restricted to individuals aged 18 and above.
  • Changes to phone numbers linked to BVNs are limited to a single instance.
  • Access to BVN databases is now restricted to licensed financial institutions.
  • Experts warn that the single phone number change rule may harm genuine customers.
  • Deeper integration with NIMC biometric data could strengthen security.
The success of these reforms depends on careful implementation and adaptability to emerging fraud threats like deepfake technology.

Sources: Punch Newspaper