CBN Unveils New Rules on Instant Payments, BVN, Dormant Accounts

The Central Bank of Nigeria (CBN) has issued new directives to banks and financial institutions aimed at strengthening electronic payment security, tightening oversight of the Bank Verification Number (BVN), and improving the management of dormant accounts and unclaimed funds.

In its circular on instant payments, the apex bank said customers will be automatically enrolled in the service but can opt out at any time. It also directed banks to allow customers to set personal transaction limits, while retaining the regulatory caps of ₦25 million for individuals and ₦250 million for corporate accounts.

To curb fraud, financial institutions are required to deploy real-time monitoring systems and enforce stronger identity checks for online transactions, account opening, and reactivation.

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Mobile banking apps will now be restricted to one device per user, with fresh authentication required when switching devices. A temporary transaction limit of ₦20,000 will also apply within the first 24 hours of activating a banking app on a new device. These measures take effect July 1, 2026.

On the BVN framework, the CBN introduced stricter controls, including a minimum age of 18 for enrolment and a one-time limit on changing phone numbers linked to BVN records. It also approved a temporary watchlist system that allows banks to flag suspicious BVNs for up to 24 hours pending verification. Access to the BVN database has been restricted to licensed financial institutions. The new BVN rules take effect May 1, 2026.

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For dormant accounts and unclaimed funds, the regulator said banks can now process reactivation requests through secure alternative channels, removing the need for affidavits unless the funds have already been transferred to the Unclaimed Balances Trust Fund. Banks are also required to publish details of dormant accounts on their websites and in national newspapers annually to aid recovery by account holders.

The CBN said the directives are designed to enhance transparency, protect customers, and strengthen confidence in Nigeria’s banking system.