The Central Bank of Nigeria (CBN) has issued an addendum to the Revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (2021), unveiling new measures aimed at strengthening fraud monitoring and protecting the integrity of the financial system.
In a circular signed by Musa Jimoh, the apex bank announced several amendments to the framework, including the creation of a temporary watchlist for Bank Verification Numbers (BVNs) linked to suspected fraudulent transactions.
Under the new directive, financial institutions are required to establish and maintain a temporary watchlist for BVNs associated with suspicious transactions reported within the banking system. According to the CBN, a BVN can remain on the watchlist for up to 24 hours while the affected account holder is contacted to clarify the flagged transaction.
The apex bank also introduced a minimum age requirement of 18 years for enrolment into the Bank Verification Numbersystem, a move aimed at strengthening identity verification standards across the banking sector.
Additionally, the regulator imposed new restrictions on amendments to phone numbers linked to BVN records, stating that such changes will now be permitted only once in order to prevent abuse and enhance the integrity of customer data.
On access to sensitive customer information, the CBN stressed that the BVN database will remain strictly accessible only to financial institutions licensed by the central bank. However, the regulator noted that it may grant access in exceptional circumstances in line with existing legal provisions.
The central bank explained that the new provisions form part of ongoing efforts to strengthen fraud prevention mechanisms, improve identity management within the financial system, and promote overall financial stability in Nigeria.
According to the circular, the updated rules will take effect from May 1, 2026, with all financial institutions and payment service providers required to comply with the revised framework.