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By Rasheedat Oladotun-Iliyas
In a strategic move to curb financial fraud, strengthen the integrity of digital payment platforms, improve Know Your Customer (KYC) compliance, and safeguard Nigeria’s digital identity ecosystem, the Central Bank of Nigeria (CBN) has directed that mobile phone numbers linked to the Bank Verification Number (BVN) can only be changed once in a lifetime.
This is coming weeks after Radio Nigeria Harmony FM’s Rasheedat Oladotun-Iliyas published a report on the dangers inherent in recycling mobile phone numbers at a time when digital financial transactions and services are popular. And mobile phone numbers are linked to digital footprints and identities.
Under the new CBN directive, bank customers will be permitted to update the mobile phone number associated with their BVN only once. The policy is scheduled to take effect from May 1, 2026.
The measure is designed to reduce the frequent replacement of BVN-linked phone numbers, a practice that has exposed customers to security risks, including the possibility of sensitive banking information being sent to individuals who are reassigned dormant SIM cards previously linked to other customers’ bank accounts.
In a statement made available to journalists, the CBN explained that mobile phone numbers play a critical role in customer authentication, transaction alerts, account recovery, and other security processes. The apex bank noted that the new policy is intended to reinforce the security and resilience of Nigeria’s digital payments ecosystem.
As Nigeria continues to expand its Digital Public Infrastructure (DPI), mobile phone numbers have become a vital component of the country’s digital identity framework, serving as a key identifier for user registration, identity verification, account recovery, and access to digital financial services.
Financial sector observers say the restriction will strengthen the integrity of BVN-linked identities by reducing opportunities for SIM-related fraud, identity theft, and unauthorised access to customers’ financial accounts. They also believe the policy will contribute to the fight against money laundering and other financial crimes across Nigeria’s digital payment landscape.
According to the Nigeria Inter-Bank Settlement System (NIBSS), limiting changes to BVN-linked mobile numbers will discourage indiscriminate SIM swaps, a practice that often increases customers’ vulnerability to phishing attacks and other forms of cyber fraud.
The CBN also reaffirmed that only individuals aged 18 years and above are eligible to enrol for a BVN and emphasised that access to BVN data remains restricted to CBN-licensed financial institutions.
