Oluwatobi Adu 
LAGOS, Nigeria – The Central Bank of Nigeria introduces a new rule limiting changes to phone numbers linked to Bank Verification Numbers (BVN) to once in a lifetime, in a move aimed at tightening banking security and reducing fraud.
In an exclusive, interview with Africa Health Report, a Lagos based bank Manager, Philip Olarewaju confirms the directive, revealing that the rule will take effect from May 1, 2026.
“The cap on mobile number updates linked to BVN is now once in a lifetime,” says bank manager Barrister Philip Olanrewaju, adding that the policy will significantly strengthen identity protection in Nigeria’s financial system.
Under the rule, customers will be restricted to a single registered number for One-Time Passwords (OTP), alerts and authentication processes.
Any request beyond the one-time change will require exceptional approval from regulators, involving extensive documentation and verification.
“This will be beyond the control of the commercial banks when affected,” Olanrewaju says.
Banks and the Nigeria Inter-Bank Settlement System will also align customer data with the National Identity Management Commission database, requiring that updated numbers match registered National Identification Numbers.
Financial institutions are urging customers to update their phone numbers before the deadline to avoid future complications.
The policy is already raising concern among customers, particularly in Lagos, where frequent SIM changes are common due to network issues and theft.
Analysts say the measure could strengthen fraud prevention but may also create challenges for customers who lose access to their registered numbers.
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