Title: CBN Raises BVN Eligibility Age to 18, Tightens E-Payment and Dormant Account Rules Date Published: 15 March 2026 Description: The Central Bank of Nigeria (CBN) has set 18 years as the minimum age for the registration of the Bank Verification Number (BVN) as part of sweeping new measures aimed at strengthening electronic payment security and improving the management of dormant bank accounts and unclaimed funds.The new directive was contained in three separate circulars issued by the apex bank on March 12, 2026, to banks, financial institutions and payment service providers across the country.In one of the circulars, the regulator introduced updated operational standards for instant payment services to enhance customer protection and reduce electronic fraud.Under the new framework, financial institutions offering instant payment services must provide customers with the option to voluntarily opt out of the service whenever they choose.Customers who activate the option will temporarily be unable to send money electronically through instant transfers, although they can still visit bank branches to conduct transactions during the restriction period.The CBN said the opt-in and opt-out process must be secured through multi-factor authentication to ensure that only account owners can activate or deactivate the feature.According to the circular, customers will automatically be enrolled for instant payment services when opening new accounts, but they will retain the right to modify their preferences afterwards.The apex bank also directed financial institutions to allow customers adjust their personal transaction limits for instant transfers.While the existing regulatory ceiling of N25 million for individual accounts and N250 million for corporate accounts remains unchanged, customers may choose to set lower limits for additional security.However, any adjustment to transaction limits must pass through enhanced verification procedures and risk assessment by the financial institution before approval.The CBN further instructed banks to deploy enterprise fraud monitoring systems capable of tracking both incoming and outgoing transactions in real time to detect suspicious activities promptly.Financial institutions were also directed to adopt stricter identity verification procedures for online account opening and account reactivation.According to the regulator, all accounts opened online must undergo a “liveliness check,” while account details must be validated instantly against national identity and BVN databases.Banks must also implement stronger authentication methods such as biometric verification, soft tokens, hard tokens and other security tools before reactivating accounts online.In addition, the apex bank introduced new security measures for mobile banking applications.Under the directive, a mobile banking application can only be linked to one device at a time, preventing customers from operating the same banking app simultaneously on multiple phones.Customers switching to a new device will be required to complete fresh authentication and reactivation procedures before the app can be used.The circular also introduced temporary transaction limits for newly activated mobile banking applications.For the first 24 hours after activation, the maximum transaction limit will not exceed N20,000, whether the account is newly opened or an existing account being activated on a new device.Similarly, customers logging into internet banking on a new device for the first time must complete additional authentication checks.The CBN said the minimum operational standards for instant payment services will take effect from July 1, 2026.In a separate circular, the apex bank announced amendments to the regulatory framework guiding the operation of the BVN system within Nigeria’s banking industry.One of the changes allows financial institutions to place BVNs suspected to be linked with fraudulent transactions on a temporary watchlist.Under the arrangement, such BVNs may remain on the watchlist for up to 24 hours while the bank contacts the account holder to clarify the suspicious transaction.The CBN explained that the measure would enable banks respond swiftly to suspected fraud cases while giving customers the opportunity to explain their transactions.The regulator also introduced a new age requirement, stating that only individuals aged 18 years and above will be eligible to enrol for a BVN.In addition, customers will only be allowed to change the phone number linked to their BVN records once under the new rules.The CBN also restricted access to the BVN database strictly to financial institutions licensed by the regulator, although exceptions may be granted in special circumstances in accordance with existing laws.The revised BVN regulations are expected to take effect from May 1, 2026.In another circular, the apex bank issued fresh guidelines for the management of dormant bank accounts, unclaimed balances and other financial assets held by financial institutions.The directive allows banks to receive requests for the reactivation of dormant accounts through alternative secure channels instead of requiring customers to visit bank branches physically.However, financial institutions must implement strong identity verification and risk management procedures to confirm the identity of the account owner before reactivation.The CBN also removed the earlier requirement for customers to present affidavits when reactivating dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account.Affidavits will still be required, however, when customers seek to recover funds already transferred to the pool account.Banks and other financial institutions have also been directed to publish information about dormant accounts and unclaimed balances to help customers identify forgotten funds.According to the CBN, the information must be displayed on banks’ official websites and include details such as the account holder’s name, the type of account, the financial institution and the branch where the account is domiciled.Banks without websites are required to publish the information through the websites of their respective industry associations.Financial institutions must also publish the list of dormant accounts annually in at least two national daily newspapers.Where the list is extensive, banks may publish a brief notice directing customers to a dedicated section of their website where the full information is available.State and unit microfinance banks are exempted from the newspaper publication requirement but must display the information at their business locations.Addressing concerns about privacy, the CBN said the publication of such information does not violate the Nigeria Data Protection Act 2023 because the law permits personal data processing where it is necessary for compliance with legal obligations or for protecting the interests of the account holder.The apex bank added that the directive is also backed by provisions of the Banks and Other Financial Institutions Act 2020, which empowers it to issue guidelines on the administration of unclaimed funds held by financial institutions.The circular on dormant accounts takes immediate effect and replaces an earlier directive issued on February 17, 2025. 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