10 Key CBN BVN Rule Changes Effective From May 1

If you use mobile banking, be aware of the following CBN Rule:

Beginning May 1, the Central Bank of Nigeria (CBN) will implement new BVN rules that may influence how you log in, move devices, and even alter your phone number.

Here’s a brief overview of CBN BVN rule changes may 1.

• Stricter BVN guidelines commence on May 1: The CBN will implement new BVN standards to combat fraud and improve financial security.
• One device per banking app: Customers can only access their mobile banking app from one device at a time.
• Automatic logout on a new device: Logging in with a new phone immediately deactivates the previous device.
• Additional verification checks: Switching devices will need additional authentication procedures.
• 24-Hour Fraud Watchlist: Suspicious BVNs will be noted for 24 hours, with potential account limitations.
• Accounts may be frozen momentarily: Banks may restrict or freeze accounts while investigating suspected activities.
• One-time phone number change: Customers can alter their BVN-linked phone number once in their lifetime.
• SIM swap fraud is targeted: The rule is intended to deter fraudsters who use phone numbers to access accounts.
• The minimum age is at 18: Only adults may enlist in BVN; children must utilise guardian-managed accounts.
• ₦20,000 limit on new devices: Transactions are limited to ₦20,000 within the first 24 hours of activating a new device.