New directives on BVN enrolment and mobile banking take effect this year, introducing real-time fraud surveillance and stricter device controls across Nigeria’s financial system.

The Central Bank of Nigeria has issued two sets of directives that will fundamentally reshape how Nigerians enrol on the banking system and conduct transactions on their mobile devices, with key provisions taking effect on May 1 and July 1, 2026.

Under the updated Bank Verification Number framework, the apex bank has introduced a 24-hour fraud watchlist system designed to flag and monitor suspicious activity in near real time. The CBN has also restricted BVN enrolment to individuals aged 18 and above, closing a loophole that had allowed underage registrations and the proliferation of fictitious accounts linked to minors.

On mobile banking, the CBN’s new rules enforce a one-device-at-a-time policy, meaning customers may only operate a single registered device for mobile transactions at any given time. In addition, accounts accessing mobile banking from a new or unverified device will face a ₦20,000 transaction limit until that device has been fully verified — a measure the regulator says is aimed at curbing account takeovers and SIM-swap fraud.

Together, the measures signal a decisive shift toward a more tightly supervised digital financial ecosystem, as the CBN moves to align Nigeria’s banking infrastructure with global security standards. Banks and fintech operators are expected to update their platforms in compliance ahead of each respective deadline.