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Banking Alert! CBN Tightens BVN Regulations—What It Means For You
The Central Bank of Nigeria has rolled out new guidelines for the Bank Verification Number (BVN) to enhance financial security and tackle fraud within the banking system.....KINDLY READ THE FULL STORY HERE▶
The updated rules, set to take effect from May 1, will impact how customers use mobile banking apps, switch devices, and update phone numbers linked to their BVN.
According to the apex bank, the measures are designed to address the increasing cases of SIM-swap fraud and unauthorised access to bank accounts.
1. One Device Access Rule
Under the new policy, customers will only be able to operate their mobile banking app on a single device at any given time. Logging in on a new phone will automatically log the user out of the previous device. Additional verification will also be required when switching devices.
2. Transaction Limits on New Devices
The CBN has introduced a temporary transaction cap for users who activate their banking app on a new device. Within the first 24 hours, transactions will be restricted to ₦20,000. This is aimed at preventing fraudsters from quickly moving large sums after gaining access to an account.
3. 24-Hour Fraud Monitoring System
The new framework includes a 24-hour monitoring window for suspicious activity. BVNs flagged for potential fraud may be placed under watch, with banks authorised to impose restrictions or temporarily freeze accounts while investigations are ongoing.
4. Restriction on Phone Number Changes
Customers will now be limited in how often they can update the phone number linked to their BVN. Under the new rule, this change can only be made once in a lifetime, a move intended to curb SIM-swap fraud.
5. Age Requirement for BVN Registration
The CBN also clarified that only individuals aged 18 and above are eligible to enrol for a BVN. Minors will have to operate bank accounts through guardians.
The apex bank expressed confidence that these new measures will strengthen the security of Nigeria’s digital banking system and significantly reduce fraudulent activities.
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