The Central Bank of Nigeria (CBN) has rolled out new guidelines for Bank Verification Number (BVN) holders, introducing stricter age and phone number rules. Under the updated framework, only individuals aged 18 and above can now register for a BVN, while customers may change the linked phone number just once. The CBN also mandated banks to enhance monitoring of suspicious transactions, with BVNs tied to such activities placed on a temporary watchlist for up to 24 hours for verification. During this period, account holders are contacted to explain the transactions before any further action.
Nigeria's BVN database reached 68.6 million in March 2026, according to NIBSS data, up from 67.8 million at the end of 2025. However, the growth rate has slowed significantly, with only 754,000 new registrations recorded in the first quarter of 2026 compared to 4.3 million in 2025. Despite this, the BVN system still lags behind the country's over 320 million active bank accounts, raising concerns about incomplete linkages.
The CBN's new BVN rules reveal a clear shift toward tighter controls, but the slowdown in registrations suggests enforcement alone won't bridge the gap between accounts and identities. Halima Buba's role in overseeing this system means the CBN's next moves will directly test whether Nigerians embrace stricter verification—or find ways to bypass it.
