10 new BVN rules you must know before May 1st
The Central Bank of Nigeria (CBN) has outlined 10 key changes to the Bank Verification Number (BVN) system, which will take effect from May 1, as part of renewed efforts to curb fraud and strengthen digital banking processes.
The 10 key changes include:
1. Mobile banking apps will be restricted to one device at a time.
2. Logging in on a new device will automatically log out the previous device.
3. Switching devices will require additional verification before access is granted.
4. Suspicious BVNs will be placed on a 24-hour watchlist.
5. Banks may temporarily restrict or freeze accounts linked to flagged BVNs.
6. Customers can only change their BVN-linked phone number once.
7. The rule targets SIM-swap fraud and unauthorised access.
8. Only individuals aged 18 and above can enrol for a BVN.
9. Minors must operate accounts under a guardian.
10. Transactions on newly activated devices will be capped at ₦20,000 within the first 24 hours.
The CBN emphasised that the new rules are designed to enhance security and protect customers from rising digital fraud risks.
Assalamu alaikum. This is 2 pray 4 and wish us all a happy Eid el Fitri. May Allah Subhanahu Wata'ala accept our ibadat, cleanse our transgressions, guide, protect, and continuously bless us today and always. Ameen Yaa Hayyu Yaa Qayyum. Taqabballahu Minna wa minkum.
*A.M.TSAFE*
Aliko Dangote spent $20 BILLION (₦33 TRILLION) to build the largest refinery in the world.
Yet…
- Faruk said the Dangote refinery was not completed, so they refused to issue a license. After completion, another problem came up.
- Faruk said Dangote’s fuel was not good. Tests were done and Dangote was publicly embarrassed. In the end, it took President Bola Tinubu’s intervention before approval was finally given.
- Faruk claimed Dangote was producing more fuel than allowed. Dangote invited Faruku to come and inspect personally, he refused.
-Faruk insisted Dangote must buy crude oil in US dollars. Dangote still agreed.
- Now Faruk is importing massive amounts of fuel from abroad just to undermine Dangote 😭
So tell me… who is really jealous of who?
Why import fuel from overseas when the same fuel is being produced locally at a cheaper price?
If there is no corruption or injustice, why all this effort to frustrate local production?
Think about it. 🤔🇳🇬
BREAKING: Engineer Farouk Ahmed and Engr Gbenga Komolafe resign, President Tinubu nominates successors to the Senate for approval
To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.
🏟️ Calling all active Gooners, let’s celebrate our Premier League WIN against Wolves by following each other. REPOST and drop your handles now for huge gains ❤️