The Central Bank of Nigeria (CBN) has introduced new guidelines governing the operation of the Bank Verification Number (BVN), including a minimum age requirement and additional measures aimed at curbing fraudulent transactions.
TRUETELLS Nigeria reports that the apex bank directed banks and other financial institutions to establish and maintain a temporary watchlist for BVNs suspected to be linked to fraudulent activities.
According to a circular dated March 12, 2026, and signed by the Director of the Payments System Policy Department, Musa I. Jimoh, any BVN flagged over suspicious transactions may be placed on the watchlist for a maximum period of 24 hours.
During this period, the owner of the BVN will be contacted by the financial institution to provide clarification regarding the transaction that triggered the alert.
The circular stated that the policy forms part of a revised regulatory framework designed to strengthen oversight and enhance stability within Nigeria’s financial system.
The CBN also introduced a new age requirement for BVN registration, stating that only individuals aged 18 years and above will be eligible for enrolment.
In addition, the apex bank noted that phone numbers linked to a BVN can only be amended once, a measure intended to reduce the risk of identity manipulation in banking transactions.
The regulator further emphasized that access to the BVN database will remain strictly restricted.
According to the circular, only financial institutions licensed by the CBN will have access to the database. However, the bank reserved the right to grant access in exceptional circumstances in line with existing laws.
Customers whose BVNs are flagged under the new monitoring system may be contacted by their banks for verification.
The new guidelines are scheduled to take effect on May 1, 2026.
