The Central Bank of Nigeria (CBN) has directed banks to establish and maintain a temporary watchlist for Bank Verification Numbers (BVNs) implicated in suspected fraudulent transactions reported by a financial institution, effective May 1, 2026.
The apex bank gave this directive on Friday in a circular to all banks and other financial institutions and payment service providers (PSP).
The circular titled “Addendum to the revised Regulatory Framework for BVN operations and watchlist for the Nigerian Banking Industry 2021” and signed by the Director of Payments System Policy Department at CBN, Musa Jimoh, also stated, among other things, that amendments to phone numbers linked to a BVN shall be allowed only once.
“The Central Bank of Nigeria (CBN), in line with its mandate of promoting financial system stability, hereby issues the following amendments to the Revised Regulatory Framework for Bank Verification (BVN) and Watch-List for the Nigerian Banking Industry 2021.
“Financial Institutions are mandated to establish and maintain a temporary watchlist for BVNS implicated in suspected fraudulent transaction(s) reported by a financial institution.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
On age requirement for BVN enrolment and restrictions on phone number amendment, CBN said: “Enrolment for BVN is restricted to individuals who have attained the age of eighteen (18) years and above.
“Amendments to phone numbers linked to a BVN shall be allowed only once.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
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“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating 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.”
