The Central Bank of Nigeria (CBN) has introduced stricter rules governing the enrolment and access to the Bank Verification Number (BVN) database in a move aimed at curbing suspected fraudulent transactions in the banking system.
The new measures, which take effect from May 1, 2026, were disclosed in a statement issued at the weekend titled: “Addendum to the Revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021.”
The statement was signed by the director, Payment System Policy Department, Musa Jimoh.
According to the apex bank, the revised rules are part of efforts to strengthen safeguards around the BVN system and support financial system stability.
Under the new directive, BVN enrolment will remain restricted to individuals aged 18 years and above. In addition, amendments to phone numbers linked to a BVN will now be limited to a one-time change.
The CBN also directed financial institutions to establish and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions reported by banks or other financial institutions.
The apex bank explained that a BVN placed on the temporary watchlist can remain there for a maximum period of 24 hours, during which the owner of the BVN will be contacted to clarify the suspicious transaction.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours. During this period, the BVN owner shall be contacted to clarify the identified transaction(s),” the statement said.
The bank reiterated that BVN enrolment remains restricted to individuals who have attained the age of 18.
“Enrolment for BVN is restricted to individuals who have attained the age of eighteen (18) years and above. Amendments to phone numbers linked to a BVN shall be allowed only once,” the statement added.
The CBN further emphasised that it retains exclusive control over access to the BVN database and will determine which institutions are authorised to use it.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions. Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the statement said.
The directive forms part of a broader regulatory push by the apex bank to strengthen controls against financial crimes in the banking sector.
Earlier in the week, the CBN issued fresh guidelines titled: “Baseline Standards for Automated Anti-Money Laundering (AML) Solutions for Financial Institutions in Nigeria,” requiring banks and other financial institutions to deploy automated systems to combat money laundering and terrorism financing.
