New BVN Policy: What Nigerians Must Know Before May 1

The Central Bank of Nigeria (CBN) has introduced a new BVN policy set to reshape how Nigerians manage their Bank Verification Numbers (BVN), as part of efforts to strengthen financial security and curb fraud across the banking system.

The policy, which takes effect from May 1, 2026, introduces stricter guidelines on BVN management, particularly in areas such as phone number changes, device usage, identity verification, and transaction monitoring.

For many Nigerians, the BVN remains a key requirement for accessing banking services, linking individuals to their accounts and enabling banks to confirm identities. However, rising cases of fraud, especially those involving SIM swap attacks and unauthorized account access, have prompted regulators to tighten controls.

Under the new framework, limits will be placed on how often customers can change the phone number linked to their BVN. The measure is aimed at reducing cases where fraudsters hijack phone numbers to gain access to bank accounts.

The policy also introduces additional verification checks for mobile device usage. Customers switching to new devices may experience temporary restrictions on transactions while banks verify the new device, in a bid to prevent unauthorized access.

Furthermore, stricter monitoring of suspicious transactions will be enforced. BVNs linked to unusual or high-risk activities may be temporarily restricted while verification is conducted to protect customers and reduce financial losses.

Another major provision sets 18 years as the minimum age for BVN registration, a move expected to strengthen identity management and ensure proper supervision of minors in the banking system.

The CBN said the new policy reflects its commitment to enhancing the security, integrity, and reliability of Nigeria’s financial sector while safeguarding customers from emerging digital financial crimes.