Nigeria Central Bank Limits BVN Phone Number Changes to One Time

BREAKING NEWSMarch 14, 2026 at 5:50 PM UTC

TLDR

Central Bank of Nigeria restricts changing linked phone number to Bank Verification Number to once in a lifetime to combat fraud risks in digital payments system
BVN system introduced in 2014 to create unified identity framework for banking sector, with 68.6 million people enrolled as of March 2026
New watchlist system introduced for suspicious transactions linked to BVNs, allowing banks to pause and verify transactions before funds move through the financial system

The Central Bank of Nigeria has restricted how often customers can change the phone number linked to their Bank Verification Number, limiting the update to once in a lifetime.

The rule was announced in a circular sent to banks and financial institutions. The new requirement will take effect on May 1, 2026.

The central bank said the measure is designed to reduce fraud risks in Nigeria’s digital payments system, where mobile phone numbers are used for identity verification and account access.

Phone numbers connected to BVNs are used for one time passwords, transaction alerts and account recovery.

Because of this role, the number linked to a BVN is often targeted in fraud attempts.

The restriction is intended to reduce identity manipulation and SIM related fraud that can allow unauthorized access to bank accounts.

Nigeria introduced the BVN system in 2014 to create a unified identity framework for the banking sector.

The system links bank accounts to biometric identity data, allowing financial institutions to identify customers across the banking system.

As of March 2026, BVN enrollment reached 68.6 million people.

The central bank also introduced a new watchlist system for suspicious transactions linked to BVNs.

Under the rule, a bank can place a BVN on a temporary watchlist for up to 24 hours if suspicious activity is detected.

During this period, banks must contact the customer to verify the transaction.

The watchlist acts as a pause mechanism that allows banks to review the activity before funds move through the financial system.

Fraud linked to SIM cards and identity manipulation has become a growing concern in Nigeria’s digital banking environment.

According to data from the Nigeria Inter Bank Settlement System, social engineering scams accounted for 62,901 fraud cases in 2023.

SIM related compromises often play a role in these schemes because fraudsters attempt to gain control of the phone number connected to a bank account.

The central bank also reiterated that BVN registration is restricted to individuals aged 18 and above.

Access to BVN database information is limited to financial institutions licensed by the regulator.

The directive is part of broader efforts by regulators to strengthen fraud controls in Nigeria’s banking and fintech sector.

Recent measures include stricter Know Your Customer rules and stronger monitoring of digital transactions.

Key Takeaways

Nigeria operates one of the largest digital payments ecosystems in Africa, driven by mobile banking, fintech platforms and instant payment systems. The country processed billions of electronic transactions each year through systems such as the Nigeria Inter Bank Settlement System and the NIBSS Instant Payment platform. As digital payments expanded, fraud schemes also evolved. Social engineering, identity theft and SIM swap attacks became common methods used by criminals to gain access to financial accounts. Fraudsters often target phone numbers linked to banking identities because those numbers control one time passwords and account recovery tools. Regulators have responded by strengthening identity verification systems such as the Bank Verification Number and National Identity Number frameworks. These identity layers link biometric data to financial accounts and allow banks to track activity across institutions. Nigeria is also expanding digital identity coverage as part of its financial inclusion strategy. As more financial services move online, regulators are increasing controls around authentication and account security. Measures such as limits on phone number changes, transaction monitoring systems and stronger KYC requirements are intended to reduce fraud risks while maintaining the growth of digital payments across the country.

Nigeria