The Central Bank of Nigeria has issued three circulars introducing new rules affecting Bank Verification Number (BVN), instant payment services, and dormant accounts management. Key changes include allowing customers to opt out of instant transfers, setting lower transaction limits, and restricting mobile banking apps to one device.
BVN rules now require users to be 18+, limit phone number changes to once, and create temporary fraud watchlists. Dormant account reactivation no longer requires physical branch visits or affidavits (for funds not yet transferred), with banks mandated to publish account holder information annually.
Key Points:
Customers gain more control over instant transfers, potentially reducing fraud risks from unauthorised transactions.
One-device mobile banking restriction prevents simultaneous app access, enhancing account security.
BVN phone number change limit helps track fraudsters but may inconvenience legitimate users.
Simplified dormant account recovery helps Nigerians reclaim forgotten funds without bureaucratic hurdles.
Publication of dormant account details raises privacy concerns but aims to reunite owners with funds.
Banks must implement these changes by May 1 (BVN rules) and July 1 (instant payment rules), while customers review their preferences and check for dormant funds.
Sources: Nigerian Tribune, CBN