Previously, customers could change their phone numbers linked to their Bank Verification Numbers (BVNs) multiple times. The expectation was that this flexibility would make banking more accessible. However, the rise in fraudulent activities prompted the CBN to take decisive action.

The new rules include:

• Phone number changes linked to BVN are now restricted to once in a lifetime.
• BVN enrolment is limited to individuals aged 18 years and above.
• Only CBN-licensed financial institutions can access the BVN database.

These changes directly affect customers and financial institutions. Customers must ensure their BVN-linked phone number is one they intend to keep long-term. Financial institutions must adapt their systems for enhanced security measures.

Additionally, the CBN introduced a temporary BVN watchlist for suspicious transactions lasting 24 hours. This measure aims to curb identity manipulation and enhance the security of customer profiles. Customers can only use their banking app on one device at a time, with transactions on new devices capped at ₦20,000 for the first 24 hours.

The CBN emphasized that these measures are part of broader efforts in fraud prevention and data privacy. The aim is not just immediate security but also long-term trust in financial institutions. Experts believe these changes will strengthen customer verification processes significantly.

The CBN’s commitment to improving banking security reflects ongoing challenges within the sector. As fraudulent activities evolve, so too must the policies designed to protect consumers.

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What impact has Kemi Adeosun had on the elimination of ghost workers in Nigeria? Adeosun revealed that the Federal Government identified and removed 45,000 ghost workers through the integration of the Bank Verification Number (BVN) into the payroll system.

The federal payroll was the government’s largest recurrent expense, plagued by inefficiencies and weak verification processes. Previous biometric efforts to clean the payroll had stalled due to resistance from paramilitary groups, highlighting the challenges faced in addressing this issue.

Adeosun’s team utilized the existing BVN database to validate payroll records against a central financial identity system, which played a crucial role in identifying irregularities. Many of these irregularities stemmed from systemic lapses and outdated records rather than organized fraud.

As part of the reform, accountability measures were introduced, requiring senior administrative officers to certify payroll records. Adeosun emphasized the importance of data-driven governance in achieving reform outcomes, stating, “The payroll was our biggest cost.”

In December 2016, the government introduced a whistleblower policy as part of initiatives to combat corruption. However, Adeosun noted that the absence of legal backing caused the failure of this policy during her tenure as Minister of Finance from 2015 to 2018.

Adeosun remarked, “Government policies with legal backing become difficult to change by subsequent administrations that do not like them.” She also pointed out that corruption is not unique to Nigeria, asserting that it exists in all parts of the world.

The integration of BVN significantly reduced the government’s wage bill and improved transparency, marking a notable achievement in the fight against corruption. Adeosun stated, “Nigeria only needs building of strong institutions to correct human behaviour to stamp out corruption.”

Details remain unconfirmed regarding the long-term sustainability of these reforms and whether further measures will be implemented to ensure continued accountability in Nigeria’s payroll system.

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