Nigeria’s banking regulator, the Central Bank of Nigeria, has introduced a new rule restricting how often Nigerians can change the phone number linked to their Bank Verification Number. Under the directive, individuals will now be allowed to update the number associated with their BVN only once in their lifetime. The policy, announced in a circular to banks and financial institutions, will take effect from May 1, 2026.
The measure is designed to tighten security within Nigeria’s expanding digital payments ecosystem, where mobile numbers play a crucial role in identity verification. In most banking transactions, phone numbers linked to BVNs are used for authentication processes such as one time passwords, transaction alerts, and account recovery. Because of this central role, compromised phone numbers have increasingly become a pathway for fraudsters seeking to gain access to customers’ bank accounts.
Introduced in 2014, the BVN system serves as the backbone of identity verification within Nigeria’s financial sector. According to the Nigeria Inter-Bank Settlement System, which manages the platform, enrolment had reached about 68.59 million users as of March 2026. By limiting the frequency of phone number changes, regulators hope to reduce identity manipulation and SIM related fraud that often enables unauthorised access to bank accounts.
The directive also introduces a temporary watchlist system for BVNs linked to suspicious activity. Under the framework, banks can place a flagged BVN on a watchlist for up to 24 hours while the customer is contacted to confirm whether a transaction is legitimate. The pause is intended to give financial institutions time to investigate potential fraud before funds move through the banking system.
The new rule forms part of a broader effort by the Central Bank to strengthen fraud prevention in Nigeria’s banking and fintech landscape. The regulator reaffirmed that BVN enrolment remains limited to individuals aged 18 and above and that access to BVN data will continue to be restricted to licensed financial institutions as part of wider Know Your Customer compliance measures.