By Joke Kujenya
FRESH AMENDMENTS to the Bank Verification Number (BVN) framework will take effect from 1st May 2026, introducing new rules that affect users of the Nigerian banking system both locally and in the diaspora.
JKNewsMedia.com reports that the Central Bank of Nigeria (CBN) in a circulated statement and signed by its governor, Olayemi Cardoso, stated that financial institutions can now place a BVN on a temporary watchlist for up to 24-hours where a transaction appears suspicious.
During this period, the customer is expected to provide clarification, marking a shift toward real time monitoring of financial activity.
CBN says the implication is immediate as accounts may be restricted and transactions delayed while banks seek explanations.
Customers may also be contacted directly, with responsiveness becoming part of routine banking under the new arrangement.
The apex bank’s amendments also introduce an age restriction, limiting BVN enrolment strictly to individuals aged 18-years and above.
This removes minors from direct participation in the formal identity framework and aligns enrolment with legal adulthood.
Another key change restricts how often a BVN holder can update the phone number linked to their record. Holders are now permitted to make this change only once, establishing a single opportunity to alter the number associated with their financial identity.
The CBN framework highlights concerns for individuals who may not know the phone number linked to their BVN or who registered with numbers that are no longer active or accessible.
It also states that once the permitted change is used, further updates may become difficult, delayed, or subject to stricter regulatory processes.
The CBN also limited access to BVN data strictly to itself and institutions licensed by it addint that this measure is designed to enhance data protection and reduce the risk of unauthorised access.
The circular indicates that resolving BVN related issues will now follow more structured and formal processes, requiring customers to engage directly with regulated institutions.
Taken together, the CBN amendments reflect a shift toward stronger accountability within the financial system, placing responsibility on users to maintain accurate and verifiable identity records.
The framework advises BVN holders to confirm the phone number linked to their record and to update it carefully where necessary, ensuring that the number remains active, secure, and suitable for long term use.
JKNewsMedia.com also reports that CBN further cautions against the use of temporary, borrowed, or third party-controlled phone numbers for financial identity purposes.
Moreover, the circular notes that with the introduction of the temporary watchlist, customers are expected to conduct transactions that can be clearly explained if queried by financial institutions.
The CBN emphasised that the system would retain BVN records as created, and verification processes will rely on existing data held within the system.
