CBN Introduces Tougher BVN Enrolment Rule: What Nigerians Must Know Before May 1

• CBN introduces stricter BVN rules to combat identity fraud and enhance digital banking security
• Temporary watchlist allows banks to act swiftly against suspicious transactions without disrupting legitimate accounts
• Fraud losses halve as BVN integration and new enrolment rules boost security and accessibility

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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

The Central Bank of Nigeria (CBN) has rolled out stricter Bank Verification Number (BVN) rules that take effect on 1 May 2026.

The amendments to the 2021 framework aim to curb identity fraud, speed up detection of suspicious activity, and restore confidence in Nigeria’s booming digital banking sector.

Real-time fraud response through temporary watchlist

A key innovation is the temporary watchlist. Banks must now flag any BVN linked to suspicious transactions for a maximum of 24 hours while they contact the account holder for clarification.

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“A BVN may remain on this temporary watchlist for a maximum period of 24 hours, during which the BVN owner shall be contacted,” the CBN circular states.

This balanced approach lets banks act fast without immediately freezing accounts or disrupting legitimate customers. Analysts say it will cut wrongful restrictions while keeping fraudsters in check.

New age limit, one-time phone change

The CBN has also drawn a firm line on enrolment and data changes:

• BVN registration is now restricted to individuals aged 18 and above.
• Customers can change the phone number linked to their BVN only once.

“Enrolment for BVN is restricted to individuals who have attained the age of 18 years and above,” and “Amendments to phone numbers linked to a BVN shall be allowed only once,” the directive reads.

According to a Punch report, access to the entire BVN database remains exclusive to CBN-licensed financial institutions, with the regulator reserving the right to approve exceptions under existing laws. These measures target grey areas that fraudsters have long exploited through proxy registrations and SIM-swap scams.

Fraud losses halve as BVN proves its worth

The moves come as fraud figures improve dramatically. Digital payment fraud losses fell 51% to ₦25.85 billion in 2025 from ₦52.26 billion in 2024, according to Nigeria Inter-Bank Settlement System (NIBSS) data. Reported fraud cases dropped from over 123,000 in 2021 to 67,515 in 2025.

CBN Deputy Governor Dr Phillip Ikeazor (represented at the 2026 Nigeria Electronic Fraud Forum) credited the BVN-NIN integration: “Enhanced identity verification… is steadily closing gaps previously exploited by criminals.”

BVN enrolment surges as diaspora gets on board

BVN-linked accounts continue growing rapidly — reaching 67.8 million by December 2025, up from 63.5 million in 2024 and 51.9 million in 2021. The system has become the backbone of account opening, loans, and digital payments.

In a major expansion, the CBN launched the Non-Resident BVN (NRBVN), allowing Nigerians in the diaspora to enrol remotely. Governor Olayemi Cardoso said the initiative will help hit the target of $1 billion in monthly formal remittances.

“With the introduction of NRBVN… we are optimistic about achieving our ambitious target,” he stated at the launch.

Balancing security and convenience

While the new rules may require customers to adapt, especially with high mobile-number churn, banks are expected to update verification processes and customer service.

Bank Customers Association of Nigeria President Dr Uju Ogubunka welcomed the temporary watchlist, saying it improves responsiveness without punishing innocent users.

The CBN says the changes strike the right balance: tighter controls to protect the system while keeping financial services accessible to tens of millions of Nigerians at home and abroad.

Recapitalisation: CBN releases new report on banks

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has declared Nigeria’s banking sector significantly stronger following the completion of its recapitalisation programme, positioning lenders to drive economic growth and finance large-scale investments.

In a fact sheet released over the weekend, the apex bank said the exercise has reinforced the financial capacity of major lenders such as Access Bank, United Bank for Africa, and Zenith Bank, alongside dozens of others.

According to the CBN, Nigerian banks collectively raised an impressive N4.65 trillion in fresh capital, with 33 institutions successfully meeting the new minimum requirements.