Regulatory Alerts2026-03-12 | PSP/DIR/PUB/CIR/001/002Addendum to the Revised Regulatory Framework for Bank Verification Number Operations and Watchlist for the Nigerian Banking Industry
The Central Bank of Nigeria has introduced new amendments to its BVN framework, effective May 1, 2026, including a temporary 24-hour watchlist for suspicious BVN transactions, an age restriction of 18 years and above for BVN enrolment, and limiting phone number amendments to a BVN to a single instance. Additionally, access to BVN data is now exclusively granted to CBN-licensed financial institutions, though the CBN retains the right to approve access under exceptional circumstances. These changes aim to bolster financial system stability by refining fraud detection, enrollment criteria, and data access protocols.
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