The Central Bank of Nigeria (CBN) has announced that only individuals aged 18 and above will now be eligible for Bank Verification Number (BVN) enrolment, as part of a revised regulatory framework aimed at strengthening identity management and reducing financial fraud in the banking sector.
The new directive was contained in a circular issued to all banks, other financial institutions, and payment service providers. The document outlined an addendum to the updated BVN regulatory framework and the watchlist system for Nigeria’s banking industry. It was signed by Musa Jimoh, Director of the Payments System Policy Department.
According to the apex bank, the new provisions will take effect from May 1, 2026.
Under the updated rules, financial institutions are required to set up and maintain a temporary watchlist for BVNs flagged over suspected fraudulent transactions. Any BVN placed on the watchlist will remain there for a maximum of 24 hours, during which the account holder must be contacted to clarify the flagged activity.
The CBN also introduced stricter controls on changes to phone numbers linked to BVNs, stating that such updates will only be allowed once.
In addition, access to the national BVN database will remain strictly limited to CBN-licensed financial institutions. However, the apex bank reserved the right to grant access in exceptional cases and in accordance with existing legal provisions.
The CBN said the reforms are designed to enhance the integrity of Nigeria’s financial system, improve identity verification processes, and curb rising cases of banking fraud.
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