CBN's New BVN Policy Aims to Combat Fraud Risks

The Central Bank of Nigeria (CBN) has introduced a new policy permitting Nigerians to change the phone number linked to their Bank Verification Number (BVN) only once in their lifetime, effective May 1, 2026. This decision aims to mitigate the rising fraud risks associated with mobile banking and financial transactions.

The policy comes as the Nigerian Communications Commission (NCC) plans to launch a Telecom Identification Risk Management (TIRM) portal in late March 2026 to address challenges related to mobile number recycling. The BVN system, established in 2014 in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), serves as a unique identifier for bank customers, linking multiple bank accounts to a single biometric profile.

However, the reliance on mobile phone numbers for transaction authentication has created vulnerabilities, particularly as telecom operators frequently recycle inactive numbers, leading to cases of financial fraud. The CBN's policy reflects a preventive approach to stabilize and trace identities within Nigeria's banking system.