NEWS

CBN Introduces 8 New BVN and Mobile Banking Rules Starting July 2026

The Central Bank of Nigeria has introduced fresh regulations affecting Bank Verification Number enrolment and mobile banking transactions as part of efforts to strengthen financial security and reduce fraud across Nigeria’s banking system.

The new guidelines, which were communicated to customers by Ecobank Nigeria, will take effect in phases beginning from May and July 1, 2026.

According to the updated framework, the new measures are designed to tackle rising cases of SIM-swap fraud, identity theft, account takeover, and other digital banking crimes.

One of the major changes introduced by the apex bank is the creation of a temporary fraud watchlist system for suspicious BVNs.

Under the new rule, any BVN linked to a fraudulent or suspicious transaction reported by a bank may be placed on a temporary 24-hour watchlist while investigations are carried out.

During this period, affected customers may be contacted by their banks for clarification, while some account activities could be temporarily restricted.

The CBN also announced a new age restriction for BVN registration, limiting enrolment to individuals who are at least 18 years old.

Another key update affects phone numbers linked to BVNs. Under the revised framework, customers will only be allowed to change their BVN-linked phone number once, prompting banks to advise customers to update inactive or inaccessible phone lines immediately.

The apex bank also introduced tighter security controls for mobile banking applications.

Beginning from July 1, 2026, banking apps will only function on one mobile device at a time. Customers changing devices will be required to complete a fresh authentication process before gaining access to mobile banking services.

Additionally, newly activated devices will face a transaction restriction of ₦20,000 for the first 24 hours after activation as part of measures aimed at preventing unauthorised access and fraudulent transfers.

Customers will also have the option to opt out of instant payment services entirely. Those who activate the option will no longer be able to perform online instant transfers, although physical banking hall transactions will still be permitted.

The new rules further allow customers to customise their personal transaction limits below the official regulatory thresholds if they choose to increase account security.

According to the CBN, the reforms are part of broader efforts to strengthen fraud prevention systems and improve confidence in Nigeria’s digital banking ecosystem.

The latest development comes amid growing concerns over cyber fraud, SIM swap attacks, and unauthorised access to customer accounts across several financial institutions in Nigeria.

Industry analysts believe the new measures could significantly improve digital banking security while also introducing stricter verification standards for account holders and mobile banking users nationwide.