The Central Bank of Nigeria has introduced new rules that will limit how customers can amend the phone number linked to their Bank Verification Number, as part of a broader push to curb fraud in the banking system. The new measures will take effect on May 1, 2026.
Under the revised framework, customers will be allowed to change the phone number attached to their BVN only once. The apex bank also said BVN enrolment will be restricted to individuals aged 18 and above.
The new rules also require banks, other financial institutions and payment service providers to create and maintain a temporary watchlist for BVNs linked to suspected fraudulent transactions. A BVN can remain on that watchlist for up to 24 hours, during which the customer must be contacted to clarify the transaction in question.
The directive was contained in an addendum to the Revised Regulatory Framework for Bank Verification Number Operations and Watch-List for the Nigerian Banking Industry 2021, issued as part of efforts to strengthen identity management, tighten access controls and improve fraud prevention across the financial system.
The measures apply across CBN-licensed institutions, meaning customers of major banks including Access Bank, UBA and Zenith Bank will be affected, alongside users of other regulated financial service providers. Access to the BVN database will also be limited strictly to institutions licensed by the regulator, except where the law provides otherwise.
The move comes amid a wider tightening of banking and payment controls by the regulator, as authorities respond to fraud risks and seek stronger safeguards around customer identity, digital channels and transaction monitoring.
