With the May 1 deadline fast approaching, Nigerian bank customers are being urged to update the phone numbers linked to their Bank Verification Number (BVN) to avoid potential banking disruptions. The Central Bank of Nigeria (CBN) has introduced stricter rules around BVN-linked numbers to tackle a growing problem: fraud.
Criminals have long exploited the ease of changing BVN-linked phone numbers to hijack bank accounts. A common scheme involves a fraudster performing a SIM swap on a victim’s number, then contacting the bank to request a BVN phone number update. Once the change is approved, the fraudster can reset banking credentials and withdraw funds. Unfortunately, by the time victims realize, their accounts are often emptied. In 2023 alone, the Nigeria Inter-Bank Settlement System (NIBSS) recorded 62,901 fraud cases tied to social engineering, many involving compromised phone numbers.
To combat this, the CBN now allows each customer to change their BVN-linked number only once in a lifetime. The logic is simple: if fraudsters cannot alter your number, they cannot take control of your account through that method. While the policy is sound in theory, it does pose challenges for ordinary Nigerians. Phones get lost or stolen, SIM cards are deactivated after long periods of inactivity, and telecom providers sometimes reassign numbers to new subscribers. Additionally, many people switch networks for better service or pricing—none of which is fraudulent. Yet, under the one-time change rule, there is no straightforward solution if you need to update your number again.
Legal experts also note a tension with the Nigeria Data Protection Act, which grants individuals the right to correct inaccurate personal data. The CBN has yet to clarify exceptions for stolen SIMs, deactivated lines, or telecom errors, leaving some uncertainty for customers.
With the deadline looming, acting now is critical. Begin by verifying your current BVN-linked number. Can you receive calls and SMS on it? Is the SIM active and in your possession? If not, take immediate action.
Option 1: Visit your bank branch
- Bring a valid ID such as a national ID card, driver’s license, or international passport
- Request a BVN phone number update form
- Provide your new phone number
- Your identity will be verified and the change processed
Option 2: USSD service
Some banks allow BVN updates via USSD codes. This usually requires access to both your old and new numbers for verification.
Option 3: Mobile app or internet banking
Certain banks permit BVN updates directly through their apps or online platforms using multi-factor authentication.
Finally, ensure that your SIM registration matches your BVN information. The CBN now requires the phone number registered with your telecom provider to exactly match the number linked to your BVN.
Updating your BVN phone number is more than a formality—it’s a crucial step to protect your account from fraud. By checking your details and acting before May 1, you ensure uninterrupted banking access and reduce the risk of financial loss.
