CBN Tighten BVN Rules From May 1, See Wetin You Must Know

Oga, if you dey use bank for Nigeria, make you listen well well. Central Bank of Nigeria don release new rules for Bank Verification Number wey go start to work from May 1, 2026. The matter serious o. The CBN say dem wan use am fight fraud and protect people money for inside bank.

Wetin be the main gist? The apex bank don send circular to all banks and financial institutions for March 26. The new policy go touch how you dey use your mobile banking app, how you fit change your phone number, and even how much you fit send when you just put your bank app for new phone.

One big change na say your banking app go only dey work for one device at a time. If you login for new phone, the app for your old phone go automatically log out. And to even access am for the new device, you go need to do extra verification. No be small thing o.

Another one wey go pain some people: you fit only change the phone number wey link to your BVN ONE TIME for your life. Yes, you hear am correct. One time. The CBN say dem dey target SIM-swap fraud wey criminals dey use steal people money. So if you don change your number before, better make sure the one wey dey there now na your correct, permanent number.

For young pikin dem, only person wey don reach 18 years fit register for BVN now. Pikin wey never reach 18 must use account wey guardian dey control. Na new rule be that.

Now, make we talk about money. If you activate your banking app for new device, you no go fit transfer pass N20,000 for the first 24 hours. The CBN put that limit as safety measure, just in case thief manage to access your account during setup.

Also, if your transaction look suspicious, your BVN fit enter temporary watchlist for 24 hours. For that period, your account fit get restriction or even freeze small. Your bank go try contact you to confirm if na you dey do the transaction. The idea na to stop fraud before money comot.

The CBN also tighten who fit access BVN data. Only financial institutions wey dem license fit see the information now. No more anyhow access.

All these changes na part of CBN plan to make banking system more secure. Fraud for digital transactions don increase, and the apex bank say dem must do something. The new rules go affect everybody wey get bank account.

So wetin you suppose do before May 1? Check the phone number wey link to your BVN. Make sure e correct and e na number wey you go dey use for long time. If you need to change am, do am now before the one-time limit hold you. And prepare for more verification steps when you wan switch phones.

Bank customers wey we yarn with say dem dey see the new rules as both good and wahala. Some dey happy say security go better. Others dey worry about the stress of extra verification and the one-time phone number change. But CBN insist say the measures necessary to protect the system.

The banking sector don already start to prepare. Many banks dey update their systems and inform their customers. The message clear: from May 1, banking for Nigeria go carry new security style. Make everybody adjust.