The Central Bank of Nigeria is set to roll out new rules. These changes will affect how millions use mobile banking daily.
The new CBN BVN rules will take effect from May 1. However, many users are only just becoming aware of how deeply these changes could impact them.
From device restrictions to transaction limits, the update is expected to reshape digital banking habits. Moreover, stricter verification steps will now be required for basic actions.
“Beginning May 1, the Central Bank of Nigeria (CBN) will implement new BVN rules that may influence how you log in, move devices, and even alter your phone number.”
One of the biggest changes is the introduction of a one-device policy. Customers will only be allowed to use one phone per banking app at a time.
In addition, logging into a new device will automatically log users out from the previous one. This step has been designed to reduce fraud risks.
Furthermore, switching devices will now require extra verification checks. This means users may face delays before accessing their accounts fully.
Another key update involves transaction limits. A cap of ₦20,000 will be applied within the first 24 hours on a new device.
Meanwhile, suspicious accounts may be flagged under a 24-hour fraud watchlist. During this period, certain restrictions could be placed on affected accounts.
Moreover, banks have been given the authority to freeze accounts temporarily if unusual activity is detected. This measure is intended to protect customers from fraud.
The rules also introduce a strict policy on phone number changes. Customers will only be allowed to update their BVN-linked number once in their lifetime.
In addition, the new framework aims to tackle SIM swap fraud. This type of fraud has been a major concern in Nigeria’s banking system.
The CBN has also set a minimum age requirement for BVN registration. Only individuals aged 18 and above will be eligible. Meanwhile, minors must operate accounts through guardians.
However, these changes are not without concerns. Some users fear the restrictions may cause inconvenience during emergencies.
