By Erewunmi Peace

Recent updates to the Bank Verification Number (BVN) system by the Central Bank of Nigeria (CBN) are expected to significantly reduce fraudulent transactions within the country’s banking sector.

The new measures introduce stricter controls on BVN usage and management, aimed at strengthening identity verification and limiting opportunities for financial fraud. One of the key changes is the introduction of a temporary watchlist for suspicious BVNs, allowing authorities to flag and monitor potentially fraudulent activities in real time.

Under the updated guidelines, BVN registration is now restricted to individuals aged 18 and above, while changes to phone numbers linked to BVNs are more tightly regulated. Access to BVN data has also been limited strictly to licensed financial institutions, enhancing data protection and reducing the risk of misuse.

Financial experts believe these measures will improve the integrity of the banking system by making it more difficult for fraudsters to manipulate identities or carry out unauthorized transactions.

The CBN emphasized that the reforms are part of broader efforts to enhance financial security, build public trust, and ensure a safer digital banking environment for all Nigerians.

As the new rules take effect, customers are advised to ensure their BVN details are accurate and up to date to avoid disruptions in banking services.