For millions of Nigerian bank customers, a simple change of phone number may soon become a lifelong decision. Under a new Central Bank of Nigeria (CBN) policy taking effect from May 1, 2026, the phone number linked to a Bank Verification Number (BVN) can only be updated once in a lifetime, a move regulators say is designed to strengthen security but which critics warn could create new barriers for everyday banking.

The policy has sparked concern among account holders who fear it could trap them in outdated contact details, especially in cases of phone theft, SIM loss, or changing service providers. This comes at a time when the Nigeria Inter-Bank Settlement System (NIBSS) reports that 68.59 million Nigerians are already enrolled in the BVN system as of March 2026. While authorities defend the directive as a response to rising SIM-swap fraud and digital identity theft, many customers argue that the rule reflects a growing disconnect between banking regulations and the realities of a fast-changing digital communication landscape.

An account holder, Ajibade Olaleye said: “Limiting phone number updates to once in a lifetime is unreasonable! What if I change my number due to a lost phone or any other emergency? This policy can cause a lot of issues. In a digital era where phone numbers change frequently, this policy feels outdated. The CBN needs to consider the realities of technology and communication.”

Another Nigerian, Ben Anazodo said: “I appreciate the need for security, but this feels like a barrier rather than a protective measure. It shouldn’t be so difficult to keep our information current. Many people change their phone numbers often. This policy will make it harder for them to stay connected with our personal and financial accounts.”

“While the intention might be to enhance security, the execution seems flawed. A more flexible system could be implemented without jeopardizing account security,” he stated.

Meanwhile, NIBSS, in a statement said, the measure was part of broader efforts to strengthen security across Nigeria’s digital payments ecosystem, where mobile numbers serve as a critical layer for authentication, transaction alerts, and account recovery.

It asdded: “The BVN, introduced in 2014, remains a foundational identity framework for Nigeria’s financial system, with enrolment reaching 68.59 million as of March 2026. Given the central role of linked phone numbers in enabling secure transactions, the new restriction is designed to mitigate risks associated with SIM-related fraud and identity manipulation.”

According to NIBSS, “social engineering remains the most prevalent fraud technique in Nigeria, with SIM-swap fraud, account compromise, and phishing identified as fast-evolving schemes across the financial system.

“SIM-swap fraud in particular where criminals hijack a victim’s phone number to intercept OTPs and drain accounts is a key vulnerability the new CBN directive directly targets.

“In addition to the phone number restriction, the CBN has directed financial institutions to implement a temporary watchlist for BVNs associated with suspicious activity.

“Under this framework, flagged BVNs may be placed on a watchlist for up to 24 hours, allowing banks to contact and verify transactions with customers before processing is completed. This “pause” mechanism is intended to enhance real-time fraud detection and prevent unauthorised fund transfers.

“The directive also reiterated that BVN enrolment is restricted to individuals aged 18 and above, and that access to BVN data remains limited to CBN-licensed financial institutions

“These measures sit within a broader regulatory push. Separately, the CBN has introduced complementary controls including restrictions on 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 that together signal a more comprehensive tightening of Nigeria’s digital banking security architecture.

“Taken together, this latest policy forms part of ongoing regulatory efforts by the CBN to reinforce Know Your Customer (KYC) standards, strengthen Anti-Money Laundering (AML) controls, and improve fraud risk management across Nigeria’s banking and financial technology ecosystem,” it stated. (The Guardian)

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