CBN issues new rules on BVN registration, mobile transfers

The Central Bank of Nigeria (CBN) has introduced new directives for banks, financial institutions and payment service providers aimed at strengthening electronic payment security, tightening oversight of the Bank Verification Number (BVN) system and improving the management of dormant bank accounts and unclaimed funds.

The directives were contained in three separate circulars issued on March 12, 2026 and distributed to financial institutions across the country.

Under the new rules for instant payment services, the apex bank directed financial institutions to allow customers voluntarily opt out of instant bank transfers. Customers who activate the option will temporarily be unable to send money electronically, although they can still carry out transactions by visiting bank branches.

The regulator added that customers will automatically be enrolled for instant payment services when opening new accounts but will retain the right to adjust their preferences. It also directed banks to enable customers set lower personal transaction limits even though the existing ceilings of N25 million for individuals and N250 million for corporate accounts remain unchanged.

The CBN said the measures are part of broader efforts to strengthen payment security and curb fraud within the financial system.

“The minimum operational standards for instant payment services are intended to enhance customer protection, strengthen fraud monitoring and ensure safer electronic transactions across the banking system,” the apex bank explained.

The CBN also introduced stricter rules for mobile banking applications, directing that a banking app can only be linked to one device at a time and must undergo fresh authentication when activated on a new device. In addition, transactions on newly activated mobile banking apps will not exceed N20,000 within the first 24 hours.

The apex bank also amended the regulatory framework guiding the BVN system, stating that only individuals aged 18 years and above will be eligible to register. Banks were also directed to place BVNs suspected to be linked to fraudulent transactions on a temporary watchlist for up to 24 hours while the account holder provides clarification.