May 1 shake-up: New banking rules to hit mobile users

Mobile banking users in Nigeria are set to experience tighter security controls as the Central Bank of Nigeria (CBN) introduces new Bank Verification Number (BVN) guidelines effective May 1.

The revised rules are designed to curb rising fraud cases and strengthen the integrity of digital banking transactions across the country.

A key change is the restriction of mobile banking apps to a single device per user. Once a customer logs in on a new phone, the previous device will be automatically logged out, ensuring tighter control over account access.

Customers who switch devices will also face additional authentication checks, while transactions on newly activated devices will be limited to ₦20,000 within the first 24 hours.

To further enhance security, the CBN will place suspicious BVNs on a 24-hour watchlist. During this period, affected accounts may be temporarily restricted or frozen as banks conduct necessary investigations.

The guidelines also introduce a one-time limit on changing the phone number linked to a BVN, a measure aimed at tackling SIM-swap fraud often used to compromise bank accounts.

In addition, BVN enrolment will now be restricted to individuals aged 18 and above, with minors required to operate accounts through a parent or guardian.

The new framework underscores the CBN’s efforts to tighten digital banking security as more Nigerians adopt mobile and online financial services