The Central Bank of Nigeria (CBN) has issued fresh directives aimed at enhancing electronic payment security, tightening oversight of the Bank Verification Number (BVN) system, and improving the management of dormant accounts and unclaimed funds.
Released on March 12, 2026, in three circulars, the directives apply to banks, financial institutions, and payment service providers nationwide.
Under the new operational rules for instant payment services, customers can voluntarily opt out of instant transfers for a chosen period. Multi-factor authentication will ensure that only account owners can make changes, while transaction limits can now be adjusted below the current ceilings of N25 million for individuals and N250 million for corporates, subject to enhanced verification.
Financial institutions are required to deploy enterprise fraud monitoring systems to track transactions in real time and strengthen identity verification for online account openings and reactivations. Mobile banking apps can now be linked to only one device at a time, with fresh authentication required when switching devices. Newly activated apps will also have a temporary transaction cap of N20,000 for the first 24 hours. These rules take effect from July 1, 2026.
The CBN also revised the BVN regulatory framework. Banks must now maintain a temporary 24-hour watchlist for BVNs suspected of fraudulent activity, allowing customers to clarify transactions. New rules set the minimum age for BVN registration at 18, limit phone number changes linked to BVNs to once, and restrict database access to licensed financial institutions. These measures take effect from May 1, 2026.
Regarding dormant accounts and unclaimed funds, customers can now reactivate accounts via alternative channels with strong identity verification, eliminating the need for affidavits unless funds have been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account. Banks are required to publish dormant account details—including account holder names, account type, bank, and branch—on their websites or industry association portals. Annual publication in at least two national newspapers is mandatory, except for state and unit microfinance banks, which must display details at their business locations. The CBN confirmed that these publications comply with the Nigeria Data Protection Act 2023.
The circular on dormant accounts takes effect immediately, replacing the previous directive issued on February 17, 2025.
These measures underscore the CBN’s commitment to protecting customers, reducing fraud, and promoting accountability in Nigeria’s financial sector.
