bvn

  1. Bank Verification Number: CBN Introduces Stricter Guidelines to Curb Fraudulent Transactions

    Nigeria Bank Verification Number: CBN Introduces Stricter Guidelines to Curb Fraudulent Transactions

    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...
  2. CBN Issues New Directives on BVN, Instant Transfers, and Dormant Accounts to Boost Security

    Nigeria CBN Issues New Directives on BVN, Instant Transfers, and Dormant Accounts to Boost Security

    The Digest: The Central Bank of Nigeria has issued three circulars introducing new rules affecting Bank Verification Number (BVN), instant payment services, and dormant accounts management. Key changes include allowing customers to opt out of instant transfers, setting lower transaction...
  3. NDIC Reimburses Depositors of Defunct Banks Within 72 Hours Using BVN

    Nigeria NDIC Reimburses Depositors of Defunct Banks Within 72 Hours Using BVN

    The Digest: The Nigeria Deposit Insurance Corporation (NDIC) has stated that it settled depositors of defunct banks, including Heritage Bank and Union Homes, within 72 hours of their closure. Executive Director Emily Osuji attributed the rapid payout to the use of the Bank Verification Number...
  4. CBN to Scrap Outdated Referee Requirement for Opening Bank Accounts

    Nigeria CBN to Scrap Outdated Referee Requirement for Opening Bank Accounts

    The Digest: The Central Bank of Nigeria is considering ending the long-standing requirement for current account holders to provide personal referees. The move aligns with modern digital verification systems like BVN and NIN, which offer more reliable identity and risk assessment. Key Points...
  5. Nigerians’ Sensitive Data for Sale: NINs, BVNs, and Photos Exposed Online

    Nigeria Nigerians’ Sensitive Data for Sale: NINs, BVNs, and Photos Exposed Online

    The Digest: Despite billions invested in Nigeria’s national identity system, a rogue website has been selling Nigerians’ sensitive personal data, including NINs and BVNs, for as low as N560. Investigated exclusively by FIJ, the breach has exposed millions of citizens to serious security...
  6. CBN Dispels BVN Charge Rumours, Clarifies NRBVN Fees

    Nigeria CBN Dispels BVN Charge Rumours, Clarifies NRBVN Fees

    The Digest: The Central Bank of Nigeria (CBN) has moved to clarify confusion surrounding Bank Verification Number (BVN) charges, confirming that BVN enrolment for Nigerians in-country remains entirely free. The apex bank, through its Acting Director of Corporate Communications, Mrs. Hakama...
  7. N80,000 BVN Fee for Nigerians Abroad: Financial Inclusion or Exclusion?

    Nigeria N80,000 BVN Fee for Nigerians Abroad: Financial Inclusion or Exclusion?

    Nigerians abroad must now pay $50 (₦80,000) to get their Bank Verification Number (BVN), a move critics say penalises diaspora citizens trying to stay connected to the system. The CBN launched a Non-Resident BVN platform for Nigerians overseas Remote registration is now possible, but it costs...
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