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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