CBN Introduces Strict New BVN Rules Linking Banking Access to Phone Identity
The Central Bank of Nigeria has announced comprehensive BVN reforms designed to reduce financial fraud and tighten mobile banking security across the country's banking system.
Key changes include mandatory linking of National Identification Numbers (NIN) to BVNs, stricter device controls, and new transfer limits for unverified accounts.
Non-compliance after the May 1 deadline could result in bank account deactivation or SIM card suspension, making it critical for all mobile banking users to verify their status immediately.
The "one device per banking app" policy will require users to complete additional authentication steps whenever they switch or upgrade devices.
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