New changes by the CBN

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 Central Bank outlined 10 key changes to the Bank Verification Number (BVN) set to take effect from May 1, 2026. 



2: They are as follows: 


-(a): Mobile banking apps will be restricted to one device at a time. 


-(b): logging in on a new device will automatically log out the previous device. 


-(c): Switching devices will require additional verification before access is granted. 


-(d): Suspicious BVNs will be placed on a 24 hour watchlist. 


-(e): Banks may temporarily restrict or freeze accounts linked to flagged BVNs. 


-(f): customers can only change their BVN-linked phone number ONCE. Yahoo boys and girls note. 


-(g): the rule targets SIM-Swap fraud and unauthorized access. 


-(h): only individuals aged 18 and above can enroll for BVN 


(i): Minors must operate accounts under a guardian. 


-(j): transactions on newly activated devices will be capped at N20,000 within the first 24 hours.

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