The Central Bank of Nigeria (CBN), has restricted Bank Verification Number (BVN) enrolment to persons aged 18 years and above as part of new amendments to its regulatory framework for BVN operations in the banking industry.

The apex bank disclosed this in a circular issued to all banks, other financial institutions and payment service providers on the addendum to the revised regulatory framework for BVN operations and watchlist for the Nigerian banking industry.

The circular, signed by Musa Jimoh, Director of the Payments System Policy Department, said the new provisions would take effect from May 1, 2026.

Under the revised rules, the CBN said financial institutions are now required to establish and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions reported by any institution.

It stated that a BVN may remain on the temporary watchlist for a maximum of 24 hours, during which the owner of the BVN would be contacted to provide clarification regarding the identified transactions.

The bank also introduced restrictions on amendments to phone numbers linked to BVNs, stating that such changes would only be permitted once.

According to the circular, access to the BVN database shall remain exclusive to CBN-licensed financial institutions.

However, it added that the apex bank reserves the right to approve access to the BVN database in exceptional circumstances and in line with existing laws.

The latest measures are expected to strengthen identity management, curb fraud and enhance the integrity of Nigeria’s banking system. (Nigerian Tribune)

Update news