The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to ensure that phone numbers linked to customers’ Bank Verification Numbers (BVN) can only be changed once, as part of measures to strengthen security in the banking system.
The directive was contained in a circular signed by the Director, Payments Systems Policy Department of the CBN, Musa Jimoh and issued to deposit money banks, merchant banks, non-interest banks, payment service banks, other financial institutions and mobile money operators.
In the circular, the apex bank said the measure forms part of efforts to tighten controls around the use of BVN within Nigeria’s payment ecosystem.
According to the regulator, “a customer shall be allowed to update the phone number linked to his or her BVN only once.”
The CBN added that financial institutions must ensure strict compliance with the new restriction in processing BVN update requests.
It further directed that any request to modify the phone number linked to a BVN must follow the due verification procedures to confirm the customer’s identity before the change is effected.
Financial institutions are also mandated to establish and maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions reported by a financial institution. The circular stated that “a BVN may remain on this temporary Watchlist for a maximum period of 24 hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
The age requirement for BVN enrollment is also restricted to individuals aged 18 years and above.
Aside from this, the apex bank directed that access to the BVN databases be granted exclusively to CBN-licensed financial institutions. “Notwithstanding this provision, the CBN reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws.
Implementation of the above provisions shall take effect from May 1, 2026.”
Introduced in 2014, the Bank Verification Number system was designed to provide a unique biometric identity for bank customers and strengthen Know-Your-Customer (KYC) processes across the financial system.
The Central Bank of Nigeria (CBN), in line with its mandate of promoting financial system stability, hereby issues the following amendments to the Revised Regulatory Framework for Bank Verification (BVN) and Watch-List for the Nigerian Banking Industry 2021.
