CBN announces age limit for BVN registration

CBN announces age limit for BVN registration

The Central Bank of Nigeria has introduced new rules for the Bank Verification Number system starting from May 1.

Under the new guidelines, bank customers will no longer be allowed to use their mobile banking app on more than one device at a time. Once a user logs into their account on a new phone, the previous device will be automatically logged out. This is expected to reduce the risk of unauthorized access.

Customers who switch to a new device will also face additional verification steps before they can fully use their banking app. This extra layer of checks is part of efforts to make sure only the rightful owner can access the account.

The new rules also introduce a system where any BVN linked to suspicious activity will be placed under watch for 24 hours. During this period, banks may limit or block transactions while they review the account. In some cases, accounts may be temporarily frozen until investigations are completed.

Another major change affects phone numbers linked to BVN. Customers will only be allowed to change their registered phone number once in their lifetime. This rule is designed to reduce cases where fraudsters take over phone lines to gain access to bank accounts.

There is also a new age requirement for BVN registration. Only individuals who are 18 years and above will be allowed to enroll. Younger users will have to operate accounts managed by a parent or guardian.

For customers using a new device, there will be a limit on transactions. Within the first 24 hours of activating a new phone for banking, transfers will be capped at ₦20,000. This is to prevent large unauthorized transactions during the early stage of device change.

The Central Bank said these steps will improve trust in digital banking and protect customers from rising fraud cases. As the rollout date approaches, customers are advised to take note of these changes and prepare for how they may affect their daily banking activities.