The Central Bank of Nigeria (CBN) has introduced new provisions to the revised regulatory framework governing the Bank Verification Number (BVN) operations and watchlist for the Nigerian banking industry.
In a circular addressed to banks, other financial institutions and payment service providers, the apex bank said the amendments were aimed at strengthening financial system stability and improving oversight of BVN-related activities.
The circular, signed by the Director of the Payments System Policy Department, Musa Jimoh, introduced several new provisions affecting BVN enrolment, watchlist procedures and access to BVN data.
Under the new framework, financial institutions are required to establish and maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions reported by any financial institution.
According to the CBN, a BVN may remain on the temporary watchlist for a maximum period of 24 hours, during which the BVN holder must be contacted to provide clarification regarding the flagged transaction.
The apex bank also announced a new age requirement for BVN enrolment, stating that only individuals who are 18 years and above will be eligible to obtain a BVN.
In addition, the CBN placed restrictions on amendments to phone numbers linked to a BVN, noting that such changes will now be permitted only once.
The circular also clarified that access to the BVN database will be restricted exclusively to financial institutions licensed by the Central Bank.
However, the bank noted that it reserves the right to approve access to the BVN database in exceptional circumstances and in accordance with existing laws.
The CBN said the new provisions will take effect from May 1, 2026, urging all banks and financial institutions to comply with the updated regulatory framework.
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