Stricter guidelines target SIM-swap fraud, identity theft, and suspicious transactions as Nigeria deepens digital banking security.

The Central Bank of Nigeria (CBN) will enforce a new set of stricter Bank Verification Number (BVN) regulations from May 1, 2026, in a sweeping move to curb fraud and strengthen trust in the country’s financial system.

At the heart of the reforms is a major restriction on BVN updates: bank customers will now be allowed to change the phone number linked to their BVN only once in their lifetime. The policy is designed to shut down loopholes frequently exploited in SIM-swap scams and identity theft.

The apex bank is also tightening control over mobile banking access. Customers will be limited to using one device at a time, meaning any attempt to log in on a new phone will automatically deactivate the previous device and trigger enhanced security verification.

In a further crackdown on fraudulent activity, the CBN is introducing a 24-hour fraud watchlist. BVNs suspected of suspicious transactions can be temporarily flagged, with affected accounts potentially restricted while banks conduct necessary checks.

To reduce potential losses from compromised accounts, users accessing their accounts from a new device will face a temporary transaction cap of ₦20,000 within the first 24 hours.

The new framework also sets a minimum age of 18 for BVN registration, effectively barring minors from obtaining independent BVNs.

Collectively, these measures form part of the CBN’s broader push to reinforce identity protection, improve transaction monitoring, and safeguard customers as Nigeria’s digital banking ecosystem continues to expand.