Wetin Nigerians gatz know about new BVN rules by CBN

Di Central Bank of Nigeria (CBN) don introduce stricter BVN enrolment and data access rules wey go take effect from 1 May.

Dem make dis announcement inside one memo wey dey inside dia March publication.

Dis latest update from CBN Payments System Policy Department go affect all banks, oda financial institutions. Dem say e go help improve BVN records, stop fraud, and make sure say customer data dey accurate.

Di apex bank tok say BVN enrolment go dey limited to individuals wey be 18 years and above, and change of phone numbers wey dey linked to BVN go fit happun only one time.

Here na some of di latest updates from dis changes by CBN.

CBN set individual age requirement for BVN to 18 years and above

CBN introduce stricter age requirement for BVN enrolment, as dem limit registration only to pipo wey be 18 years and above. Bifor, pipo wey be under 18 fit enrol under certain conditions, but dis new rule don make am official for only adults to obtain BVN.

"Di new age requirement for BVN enrolment don officially dey restricted to individual 18 years and above. Dis policy go make BVN issuance align wit legal adulthood and boost data accuracy for national identity and banking ecosystem," di memo tok.

Children and teenagers go need depend on di account of dia parents or guardians to manage dia individual bank account.

CBN introduce one time phone number change

CBN don restrict change of phone number wey dey linked to BVN to just once.

According to CBN, you go fit change your phone number once. Bifor, you fit change your phone number multiple times, wia users fit change dia phone numbers anytime.

CBN change di phone numbers policy becos of banking authentication processes, like delivering one-time passwords (OTPs), transaction alerts, and account recovery codes.

"CBN highlight restriction on phone number change to stop identity manipulation and make security beta. To curb identity manipulation and enhance di security of customer profiles, phone numbers wey dey linked to BVN fit dey amended once," di memo tok.

"Dis new rule go help reduce incidences of unauthorised changes and strengthen customer verification processes."

CBN introduce temporary BVN fraud watchlist

CBN also introduce di temporary BVN watchlist for suspicious transactions. Banks or financial institutions fit put individual BVN for watchlist for di period of 24 hours to monitor any suspicious activity.

Banks or financial institutions fit monitor transactions wey dey linked to the BVN to delay or restrict di transactions while the bank dey try contact di account holder for verification.

"Di implicated BVN fit remain on di list for only 24 hours, and during dis period, dem must contact di account holder to explain di suspicious activity. Dis go enable quick response to fraud while dem dey protect customers from extended restriction."

Restricted access to BVN database

CBN don tighten BVN access to only licensed financial institutions - na dem go fit handle or access di database, dis move go reduce risk of data leaks and misuse of personal information.

Nigerians go need go through dia banks or oda authorised institutions to resolve BVN-related issues like correcting personal details.

"Access to di BVN Database go dey exclusive to CBN-licensed financial institutions," di memo tok.

"Di Bank fit grant special access for exceptional cases, if e get relevant legal frameworks. Dis safeguard go strengthen data privacy, reduce misuse, and enhance cyber resilience within di financial sector."

Stricter enrolment of BVN for individuals

CBN don introduce broader ways wey go tighten BVN enrolment. Dem say dis go focus on data accuracy, identity consistency, and fraud prevention.

Dis one go put more weight on Know Your Customer (KYC) rules, wey go check customer data, and more structured processes for updating or correcting BVN information. Financial institutions go need ensure say customers data dey accurate and dem fit verify am at all times.

"Dis regulatory refinements dey expected to enhance fraud prevention, strengthen identity management, and deepen consumer confidence for Nigeria payment system," di memo tok.