CBN Tightens BVN Security, Imposes New Limits on Phone Number Modifications

By Muhammad Mamman

Nigeria’s central bank has introduced stricter controls on the management of Bank Verification Numbers (BVN), placing new limits on the modification of phone numbers linked to bank accounts in a move aimed at strengthening financial security and curbing fraud.

The directive, issued by the Central Bank of Nigeria (CBN), requires financial institutions to implement more rigorous verification procedures before allowing customers to change the mobile numbers associated with their BVN profiles.

Under the new measures, requests to alter phone numbers linked to BVNs will now undergo enhanced identity verification to prevent unauthorised changes often exploited by fraudsters to gain access to bank accounts.

The BVN system, managed by the Nigeria Inter-Bank Settlement System (NIBSS), was introduced to provide a unique biometric identity for bank customers across Nigeria’s financial system and has become a key tool in combating identity theft and financial crimes.

Industry analysts say the latest move reflects growing concerns within the banking sector over rising cases of account takeovers and digital fraud, particularly through compromised phone numbers used for transaction alerts and one-time passwords.

Banks have been directed to update their operational processes immediately to align with the new requirements, while customers may face stricter scrutiny when requesting changes to their registered contact details.

Officials say the policy is designed to protect depositors and reinforce trust in Nigeria’s digital banking infrastructure as the country continues to expand its cashless economy.