Notes on the Addendum to the Regulatory Framework for the Bank Verification Number (BVN) Operations and Watch-list for the Nigerian Banking Industry
In furtherance of its mandate to strengthen the security and integrity of the electronic payments system in Nigeria, the Central Bank of Nigeria (CBN) issued the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Financial System on 18 October 2017 (the BVN Framework), which was subsequently revised on 12 October 2021. In response to the rising incidence of fraud and the need to further enhance public confidence in the banking system, the CBN issued an addendum to the BVN Framework (the BVN Framework Addendum) on 12 March 2026, which is scheduled to take effect from 1 May 2026. The additions introduced by the BVN Framework Addendum are summarised below:
- While the Nigeria Inter-Bank Settlement System(NIBSS) is responsible under the BVN Framework for maintaining the Watch-List Portal and updating the Watch-List with the BVNs of designated individuals, the BVN Framework Addendum now requires financial institutions to establish and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions. Persons listed on the temporary watchlist are to be contacted within twenty-four (24) hours to clarify the flagged transactions.
- The minimum age requirement for BVN enrolment is eighteen (18) years.
- Customers of financial institutions are only permitted to change a phone number linked to a BVN once.
- Access to BVN databases shall be restricted exclusively to financial institutions licensed by the CBN. This represents a departure from the position under the BVN Framework, which permitted tier-2 users of the BVN database such as credit bureaus to access BVN data through the NIBSS in accordance with the Standard Operating Guidelines for the BVN. Regardless, the BVN Framework Addendum provides that the CBN reserves the right to grant access to the BVN databases in extenuating circumstances.