CBN Unveils 10 Major BVN and Mobile Banking Changes from May 2026

The Central Bank of Nigeria has released 10 updates to the Bank Verification Number (BVN) scheme and mobile banking rules, effective May 1, 2026. Mobile apps will only work on one device at a time. Logging in on a new device will automatically log out the previous one, and switching devices will need extra verification. BVNs flagged as suspicious will enter a 24-hour watchlist, and banks can temporarily freeze linked accounts. Customers may change their BVN-linked phone number only once to reduce SIM-swap fraud. Enrollment is restricted to adults (18+), while minors must operate accounts under a guardian. Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.

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