CBN Makes New Changes And Tightens BVN Rules
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The Central Bank of Nigeria has introduced stricter controls on the management of the Bank Verification Number, restricting customers to changing the phone number linked to their BVN only once.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The move is part of new measures aimed at strengthening the security of the banking identification system and reducing cases of fraud linked to identity manipulation.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Under the updated guideline, bank customers will only be allowed a single change of the phone number associated with their BVN record.
Any further modification will require additional verification and regulatory approval.
The central bank said the restriction is designed to protect the integrity of the BVN database and ensure that the system continues to serve as a reliable tool for verifying banking identities across financial institutions.
Industry observers say the decision could help curb fraudulent activities involving SIM swaps and unauthorized account access within Nigeria’s banking sector.
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