Reporting by The Punch indicates that the Central Bank of Nigeria (CBN) has introduced stringent new regulations for Bank Verification Number (BVN) usage. The apex bank has now imposed a strict limit on the number of phone numbers that can be linked to a single BVN and has launched a comprehensive “Fraud Watchlist.” Any individual found linked to fraudulent transactions will be blacklisted across all financial institutions, including fintech platforms and traditional banks.
The move is part of a broader strategy to sanitize Nigeria’s digital payment ecosystem, which has seen a rise in sophisticated phishing and identity theft cases. Under the new rules, banks are required to perform enhanced “Know Your Customer” (KYC) checks for accounts opened via mobile apps. Failure to comply will result in heavy fines for the financial institutions involved.
BusinessDay validated this report, noting that “Telcos’ fintech ambitions meet market reality” as the new rules may slow down the rapid onboarding of new users. ThisDay reported that the CBN Governor stated, “We must balance innovation with security to protect the hard-earned money of Nigerians.”
Echotitbits take:
While these rules might be a headache for users with multiple SIM cards, they are a necessary evil to curb the “Opay/Palmpay” era of easy-to-create anonymous accounts. Expect a brief dip in fintech transaction volumes as the industry recalibrates to these tighter identity requirements.
Source: BusinessDay – https://businessday.ng/news/article/cbn-tightens-bvn-rules-with-fraud-watchlist-phone-number-limits/, March 14, 2026
Photo credit: BusinessDay
