CBN Announces 18 Years Minimum Age for BVN Enrolment, Effective May 1
The Central Bank of Nigeria (CBN) has introduced a significant regulatory change, setting 18 years as the minimum age for Bank Verification Number (BVN) enrolment. This directive, which will take effect from May 1, 2026, is part of a broader effort to enhance security and curb fraud within Nigeria's banking ecosystem.
New Regulatory Framework and Watchlist Guidelines
In a circular issued to banks, other financial institutions, and payment service providers, the CBN outlined an addendum to the revised regulatory framework for BVN operations. The circular, signed by Musa Jimoh, mandates that financial institutions create and maintain a temporary watchlist for BVNs linked to suspicious or potentially fraudulent transactions reported across the system.
Key provisions include:
- BVNs placed on the temporary watchlist can remain there for a maximum of 24 hours, during which the holder must be contacted for clarification on flagged transactions.
- Modifications to phone numbers associated with BVNs will be restricted to only one change, limiting unauthorized alterations.
- Access to the BVN database remains strictly limited to CBN-licensed financial institutions, with the apex bank retaining authority to grant exceptions under applicable laws.
Surge in BVN Registrations Ahead of New Measures
As Nigerians rush to link their bank accounts ahead of the new regulations, the BVN database has seen a notable increase in enrolments. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals that registrations surged to 68.6 million as of March 2026, up from 63.5 million at the end of 2024.
Analysis shows:
- Registrations increased by 2.7 million between December 2024 and March 2026.
- The database grew from 64.8 million in January 2025 to 66.2 million by July 2025, indicating accelerated adoption in the first quarter of 2026.
Broader Context of CBN's Regulatory Actions
This move aligns with the CBN's ongoing efforts to strengthen financial integrity. Previously, the apex bank instructed commercial banks to deny additional credit facilities to borrowers who have defaulted on existing loans, particularly targeting large-ticket obligors with substantial outstanding debts.
The new BVN measures are designed to enhance data integrity, improve security, and reduce fraudulent activities in the banking sector, reflecting the CBN's commitment to safeguarding Nigeria's financial system.
