The Central Bank of Nigeria (CBN) has introduced a new policy effective May 1, 2026, limiting the update of phone numbers linked to Bank Verification Numbers (BVN) to once in a lifetime. The move aims to enhance security but has sparked widespread concern among account holders.
Policy Details and Rationale
According to the CBN, the restriction is designed to combat rising SIM-swap fraud and digital identity theft. The Nigeria Inter-Bank Settlement System (NIBSS) reports that 68.59 million Nigerians are enrolled in the BVN system as of March 2026. The policy targets vulnerabilities where criminals hijack phone numbers to intercept one-time passwords and drain accounts.
Public Reaction
Account holder Ajibade Olaleye criticized the policy, stating, "Limiting phone number updates to once in a lifetime is unreasonable! What if I change my number due to a lost phone or emergency? This policy can cause a lot of issues." Another Nigerian, Ben Anazodo, added, "I appreciate the need for security, but this feels like a barrier. Many people change their phone numbers often."
NIBSS Statement
NIBSS defended the measure, noting that social engineering remains the most prevalent fraud technique in Nigeria. SIM-swap fraud, account compromise, and phishing are fast-evolving threats. The new restriction directly targets these vulnerabilities.
Additional Security Measures
The CBN has also directed financial institutions to implement a temporary watchlist for suspicious BVNs. Flagged BVNs may be placed on a watchlist for up to 24 hours, allowing banks to verify transactions before processing. Other measures include restricting mobile banking app usage to a single device at a time and a ₦20,000 transaction cap within the first 24 hours of activating a new device.
Broader Regulatory Context
These policies are part of broader efforts to reinforce Know Your Customer (KYC) standards, strengthen Anti-Money Laundering (AML) controls, and improve fraud risk management across Nigeria's banking and fintech ecosystem.
