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The Central Bank of Nigeria (CBN) has set 18 years as the minimum age for Bank Verification Number (BVN) registration, as part of new measures aimed at strengthening identity verification and improving security in the Nigerian banking system.

The directive forms part of a set of circulars issued by the apex bank to banks, other financial institutions and payment service providers on March 12, 2026.

Under the new rule, only individuals who are 18 years and above will be allowed to enrol for a BVN. The CBN said the decision is intended to strengthen customer identification processes and reduce the risk of misuse of bank accounts for fraudulent activities.

The bank also introduced new controls within the BVN system to tighten monitoring of suspicious financial transactions across the banking industry.

According to the circular, financial institutions are now required to create a temporary watchlist for BVNs linked to suspected fraudulent transactions. A BVN may remain on the watchlist for a period of up to 24 hours while the affected customer is contacted to clarify the transaction in question.

The CBN explained that the measure will allow banks respond quickly to suspicious activities while still giving customers the opportunity to explain legitimate transactions.

In another change to BVN operations, the apex bank placed restrictions on modifications to phone numbers linked to BVN records.

Under the new directive, customers will only be allowed to change the phone number associated with their BVN once. The CBN said the measure is intended to prevent fraudsters from repeatedly altering phone numbers in order to bypass security checks.

The bank also stated that access to the BVN database will remain strictly limited to financial institutions licensed by the regulator. However, the CBN noted that it may grant access in special circumstances in accordance with existing laws. The new BVN rules are scheduled to take effect from May 1, 2026.

Alongside the BVN reforms, the apex bank also introduced new security measures for instant payment services used for electronic money transfers across Nigerian banks.

The CBN directed all financial institutions offering instant payment services to introduce additional safety features that will allow customers control how their accounts are used for electronic transfers.

Under the new arrangement, customers will be able to voluntarily opt out of instant transfer services if they wish to temporarily stop online transfers from their accounts.

The CBN said once the opt-out option is activated, the customer will not be able to carry out electronic transfers either within the same bank or to other banks.

However, the account holder will still be able to visit a bank branch physically to carry out a transfer.

The apex bank explained that the opt-in and opt-out process must be protected by multi-factor authentication to ensure that only the account owner can activate the feature.

Customers will also be allowed to set their own transfer limits for instant payments. While the existing maximum limits of N25 million for individuals and N250 million for corporate accounts remain unchanged, customers may decide to set lower limits to reduce their exposure to fraud.

According to the circular, any change to transaction limits must pass through enhanced verification procedures and risk assessment by the financial institution.

The CBN also instructed banks to deploy enterprise fraud monitoring systems capable of tracking both incoming and outgoing transactions in real time to detect suspicious activities quickly.

In addition, banks must strengthen identity checks when customers open accounts online or attempt to reactivate inactive accounts.

The apex bank said accounts opened online must undergo liveliness checks, while customer details must be validated immediately against the BVN and National Identity Number databases.

Enhanced authentication tools such as biometric verification, soft tokens and hard tokens are also expected to be used during online account reactivation. The regulator further directed banks to tighten security around mobile banking applications.

Under the new rules, a mobile banking app will only be allowed to operate on one device at a time, meaning customers will not be able to use the same banking application simultaneously on multiple phones.

When a customer switches to a new device, the application will require fresh authentication before it becomes active.

The CBN also introduced temporary transaction limits for newly activated mobile banking applications.

For the first 24 hours after activation, the maximum amount that can be transferred will not exceed N20,000, whether the account is new or an existing account being accessed on a new device.

Similarly, customers accessing internet banking on a new device for the first time will be required to complete additional authentication steps. The instant payment rules will take effect from July 1, 2026.

In a separate circular, the CBN also reviewed guidelines on the management of dormant bank accounts and unclaimed balances in the banking sector.

The apex bank said banks will now be allowed to accept requests for the reactivation of dormant accounts through alternative channels instead of insisting only on physical visits to bank branches.

Financial institutions may adopt these alternative channels provided they put in place strong identity verification measures to ensure that the request is coming from the rightful account owner.

The CBN also removed the requirement for customers to provide an affidavit when reactivating dormant accounts, provided the funds in the account have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account.

However, the bank clarified that affidavits will still be required when customers are reclaiming funds that have already been transferred to the trust fund pool account.

The regulator also directed banks and other financial institutions to improve transparency by publishing information about dormant accounts and unclaimed balances.

Under the directive, banks must display certain details on their official websites, including the name of the account holder, the type of account, the name of the bank and the branch where the account is domiciled.

Financial institutions without operational websites are expected to publish the information on the websites of their industry associations.

Banks are also required to publish the list of dormant accounts once every year in at least two national daily newspapers.

Where the list is very long, the CBN said the bank may publish a short notice directing customers to a section of its website where the full details are available.

State and unit microfinance banks are not required to publish the information in newspapers but must display the details at their business locations.

The apex bank explained that the publication of such information does not violate the Nigeria Data Protection Act 2023 because the law allows personal data to be processed when it is necessary to comply with legal obligations.

The CBN added that its authority to issue the directive is supported by provisions of the Banks and Other Financial Institutions Act 2020, which empowers the regulator to issue guidelines on the management of unclaimed funds held by financial institutions.

The circular on dormant accounts takes immediate effect and replaces an earlier directive issued in February 2025.