CBN restricts BVN phone number changes to once in a lifetime to curb fraud

The Central Bank of Nigeria has restricted how often Nigerians can update the phone number linked to their Bank Verification Number (BVN), capping it at once in a lifetime.

In a circular issued to banks and other financial institutions on Thursday, the apex bank said the new rules will take effect from May 1, 2026.

The restriction is part of new safeguards designed to reduce fraud risks tied to Nigeria’s rapidly growing digital payments ecosystem, where mobile numbers are central to authentication and account recovery.

Phone numbers linked to BVNs play a critical role in Nigeria’s banking infrastructure. They are used for one-time passwords (OTPs), transaction alerts, and account recovery processes, making them a key point of vulnerability for fraudsters attempting to hijack bank accounts.

Introduced in 2014, Nigeria’s BVN system is the foundational identity layer for the country’s financial services sector. As of March 2026, BVN enrolment count stood at 68.59 million.

By limiting how often these numbers can be changed, the CBN aims to reduce the risk of identity manipulation and SIM-related fraud that can enable unauthorised access to financial accounts. While there is no isolated estimate of the financial cost of SIM fraud in Nigeria, the Nigeria Inter-Bank Settlement System says SIM-related compromises often play a role in social engineering schemes, the country’s leading cause of fraud, which accounted for 62,901 cases in 2023. 

Alongside the restriction, the CBN has also directed financial institutions to establish a temporary watchlist for BVNs linked to suspicious activity.

Under the new framework, a flagged BVN can remain on the watchlist for up to 24 hours while the bank contacts the customer to verify the transaction. During this period, the watchlist acts as a pause mechanism, giving financial institutions time to investigate potentially fraudulent activity before funds are moved across the banking system.

The measure reflects a growing regulatory clampdown on fraud in Nigeria’s payment ecosystem.

The circular reiterates that BVN enrolment remains restricted to individuals aged 18 and above, and that access to BVN database information is limited strictly to financial institutions licensed by the CBN.

The latest directive forms part of a broader set of measures, including stronger Know Your Customer (KYC) measures, introduced by the regulator in recent months to tighten fraud controls across Nigeria’s banking and fintech ecosystem.