In 2014, Bank Verification Number (BVN) was introduced to the Nigeria banking system as the foundational identity layer for the country’s financial services sector. During that time, individuals could change the phone number linked to their BVN three times in a lifetime.
But now, everything has changed, as the Central Bank of Nigeria (CBN) has issued a circular to banks and other financial institutions directing them to limit how often Nigerians can update the phone number linked to their BVN to once in a lifetime.
The apex bank stated in the circular that the limitation will take effect from May 1, 2026. The restriction is implemented to curb risks tied to SIM-related fraud that can permit unauthorised access to financial accounts. In Nigeria's rapidly growing modern financial systems, phone number has become a central gateway for authentication and account recovery.
It is often linked to a user’s identity and serves as the primary channel for receiving one-time passwords (OTPs), transaction alerts, and security verification codes. Because many digital services rely on the phone number to confirm that the rightful owner is accessing an account, it plays a crucial role in preventing fraud and unauthorized access.
At the same time, the phone number is commonly used to recover accounts when users forget passwords or lose access to their credentials, making it one of the most important elements for maintaining both security and continuity of access in digital and banking platforms, and also one of the most vulnerable tools fraudsters use to hijack bank account.
So, by limiting how often phone number linked to BVN can be changed, the apex bank aims to reduce the risk of identity manipulation and SIM-related fraud that can have negative impact to individual financial accounts. In addition to that, CBN also stated a reminder, in the circular, that only individuals who are aged 18 and above are allowed to register for BVN, and access to BVN database information is restricted strictly to financial institutions licensed by the apex bank.
CBN orders watchlist for suspicious BVNs
In the same circular, CBN also directed all financial institutions in the country to initiate a temporary watchlist for BVNs flagged due to suspicious activity. Under this framework, transactions linked to a flagged BVN may be temporarily halted or slowed down for up to 24 hours.
During this period, the bank will contact the customer to verify the transaction. This pause gives financial institutions time to investigate and confirm whether the transaction is legitimate, helping to stop suspicious transfers before funds are moved across the banking system.
Notably, these are not the only security measures CBN has been releasing lately. The apex bank has released a broader set of security measures, including Know Your Customer (KYC) measures, that have downgraded the accounts of many OPay and PalmPay users. Both these latest and the old security measures reflect a growing regulatory clampdown on fraud in Nigeria’s payment ecosystem.