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.
Central Bank of NigeriaPayments System Policy DepartmentCentral Business District,Cadastral Zone,P.M.B 0187, Abuja-Nigeria.E-mail: PSPD@cbn.gov.ngPhone :09 462 35000PSP/DIR/PUB/CIR/001/002March 12, 2026CIRCULAR TO ALL BANKS, OTHER FINANCIAL INSTITUTIONS ANDPAYMENTS SERVICE PROVIDERSSubject: ADDENDUM TO THE REVISED REGULATORY FRAMEWORK FORBANK VERIFICATION NUMBER OPERATIONS AND WATCH-LIST FOR THENIGERIAN BANKING INDUSTRYThe Central Bank of Nigeria (CBN) in line with its mandate of promoting financialsystem stability hereby issues the following amendments to the Revised RegulatoryFramework for Bank Verification (BVN) and Watch-List for the Nigerian BankingIndustry 2021.a. Temporary Watch-listFinancial Institutions are mandated to establish and maintain a temporary watchlist forBVNs implicated in suspected fraudulent transaction(s) reported by a financialinstitution. A BVN may remain on this temporary Watchlist for a maximum period oftwenty-four (24) hours, during this period, the BVN owner shall be contacted to provideclarification regarding the identified transaction(s).b. Age Requirement for BVN EnrolmentEnrolment for BVN is restricted to individuals who have attained the age of eighteen(18) years and above.c. Restrictions on Phone Number AmendmentsAmendments to phone numbers linked to a BVN shall be allowed only once.d. Access to BVN DataAccess to the BVN databases shall be exclusively granted to Central Bank of Nigeria(CBN) licensed financial institutions. Notwithstanding this provision, the Central Bankof Nigeria (the Bank) reserves the right to approve access to the BVN databases inextenuating circumstances and in accordance with the provisions of extant laws.Implementation of the above provisions shall take effect from May 1, 2026.Please be guided accordingly.Musa 1. JimchDIRECTOR, PAYMENTS SYSTEM POLICY DEPARTMENT