CBN tightens e-payment security, BVN rules, dormant account management

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

In circulars dated March 12, 2026, the apex bank introduced new operational rules for instant payments, including allowing customers to opt in or out of the service and set personal transaction limits below the existing caps of N25 million for individuals and N250 million for corporate accounts.

The CBN said the opt-in and opt-out process must be protected by multi-factor authentication to prevent unauthorised access.

The regulator also mandated real-time fraud monitoring systems, stricter identity verification for online account opening, and enhanced security for mobile banking apps, including limiting each app to one device at a time and imposing a N20,000 transaction cap within the first 24 hours of activation.

The new instant payment rules will take effect from July 1, 2026.

On the BVN framework, the CBN introduced a temporary watchlist for suspicious BVNs, allowing banks to restrict such accounts for up to 24 hours pending clarification from customers.

It also set 18 years as the minimum age for BVN enrolment and limited phone number changes linked to BVN records to one instance. These rules will take effect from May 1, 2026.

In a separate directive, the apex bank revised guidelines on dormant accounts and unclaimed funds, allowing reactivation requests through alternative secure channels instead of physical bank visits.

While the affidavit requirement has been removed for accounts not yet transferred to the Unclaimed Balances Trust Fund (UBTF), it remains mandatory for claims involving funds already moved to the pool.

The CBN further directed banks to publish details of dormant accounts annually on their websites and in national newspapers to improve transparency and help customers recover forgotten funds, noting that such disclosures comply with the Nigeria Data Protection Act 2023.