By JKNewsMedia
NEW RULES governing the Bank Verification Number (BVN) system will take effect from May 1, restricting customers to using mobile banking applications on only one device at a time.
JKNewsMedia.com reports that the Central Bank of Nigeria (CBN) stated that once a user logs into their account on a new phone, the previous device will be automatically logged out to reduce the risk of unauthorised access.
Customers who switch devices will undergo additional verification steps before gaining full access to their banking applications, as part of measures to ensure only the rightful owner can operate the account.
The guidelines also introduce a monitoring system for BVNs linked to suspicious activity.
Such accounts will be placed under watch for 24-hours, during which banks may limit or block transactions while reviews are carried out.
In some cases, accounts may be temporarily frozen until investigations are completed.
Changes have also been made to phone numbers linked to BVNs, with customers allowed to change their registered number only once in their lifetime.
The rule aims to address cases where fraudsters take control of phone lines to access bank accounts.
A new age requirement for BVN registration has been set, restricting enrolment to individuals aged 18 and above, while younger users will operate accounts managed by a parent or guardian.
For customers activating banking services on a new device, transactions within the first 24 hours will be capped at ₦20,000 to prevent large unauthorised transfers during the early stage of device change.
The CBN stated that the measures are designed to improve trust in digital banking and protect customers from rising fraud cases, advising customers to take note of the changes ahead of implementation.
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