The Central Bank of Nigeria (CBN) has announced a sweeping overhaul of the Bank Verification Number (BVN) operations.
The new policy, contained in an “Addendum to the Revised Regulatory Framework for BVN Operations and Watchlist,” introduces stricter identity controls and real-time risk management tools. Under the leadership of Governor Olayemi Cardoso, the apex bank aims to reinforce consumer confidence while positioning the BVN as a critical shield for financial stability.
New Restrictions: Age Limits and Phone Changes
The most significant changes in the circular, signed by Musa Jimoh, Director of the Payment System Policy Department, include a strict age threshold and limitations on data amendments.
Enrollment for a BVN is now restricted to individuals aged 18 and above. Furthermore, in a bid to curb identity manipulation often used by fraudsters, the CBN has restricted amendments to phone numbers linked to a BVN to a one-time change only.
To enhance real-time response to crime, the CBN has mandated financial institutions to establish a “temporary watchlist.” Any BVN implicated in suspected fraudulent activity can now be flagged for a maximum of 24 hours. During this window, the bank is required to contact the customer for clarification before taking further regulatory action.
Access to the BVN database has also been tightened, with the CBN granting exclusive access to licensed financial institutions. “The Bank reserves the right to approve access only in extenuating circumstances and in accordance with extant laws,” the statement noted.
Surge in Enrollment
Data from the Nigeria Interbank Settlement System (NIBSS) reveals that the BVN project is witnessing a record surge. As of March 2026, the number of bank accounts linked to a BVN hit 68.59 million, up from 63.5 million at the end of 2024. This growth is seen as a victory for the CBN’s financial inclusion drive, ensuring more Nigerians are brought into a secure, verifiable banking net.
The Diaspora Factor: Targeting $1bn Monthly
A key pillar of the CBN’s strategy is the newly launched Non-Resident Biometric Verification Number (NRBVN). Governor Cardoso explained that by simplifying identity verification for Nigerians abroad, the bank expects a significant boost in official foreign exchange liquidity.
“With the introduction of NRBVN, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows,” Cardoso stated. He emphasized that lowering the cost of remittances—which currently averages over 7% in Sub-Saharan Africa—remains a priority to encourage the use of formal banking channels.
The Governor urged International Money Transfer Operators (IMTOs) to integrate with the NRBVN platform to create a seamless bridge between Nigeria and its global citizens.
Expert Reactions
The reforms have been largely lauded by industry stakeholders. Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria (BCAN), noted that the 24-hour temporary watchlist provides a necessary balance between fraud prevention and customer rights.
“The CBN is effectively strengthening real-time monitoring. It allows banks to act quickly while giving legitimate customers a window to resolve misunderstandings,” Ogubunka said.
Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), highlighted the economic importance of the move. He noted that with over 1.24 million Nigerians abroad, remittances are a “lifeline” for the economy, often surpassing Foreign Direct Investment (FDI) in impact.
These BVN reforms follow the CBN’s recent issuance of “Baseline Standards for Automated Anti-Money Laundering (AML) Solutions,” signaling a comprehensive regulatory shift toward technology-driven, proactive oversight of the nation’s financial sector.
