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The Central Bank of Nigeria (CBN) has set 18 years as the minimum age for Bank Verification Number (BVN) enrolment, introducing stricter controls as part of a revised regulatory framework for the nation’s banking system.
The new directive was contained in a circular issued to banks, financial institutions, and payment service providers, detailing amendments to the BVN operations and watchlist guidelines within the Nigerian banking industry.
Signed by Musa Jimoh, Director of the Payments System Policy Department, the circular stated that the updated provisions will take effect from May 1, 2026.
Under the revised framework, financial institutions are now mandated to create and maintain a temporary watchlist for BVNs associated with suspected fraudulent transactions reported across the system.
The CBN explained that any BVN placed on this watchlist can remain there for a maximum of 24 hours, during which the account holder will be contacted to clarify the flagged transactions.
In a move to further enhance security, the apex bank also restricted changes to phone numbers linked to BVNs, noting that such modifications will now be allowed only once.
The circular reaffirmed that access to the BVN database remains exclusive to CBN-licensed financial institutions, although the bank may grant exceptions under special circumstances in line with existing laws.
The latest measures, according to the CBN, are aimed at strengthening identity management, curbing fraudulent activities, and improving the overall integrity of Nigeria’s banking system.
