By Amos Aar
The recent directive by the Central Bank of Nigeria (CBN) limiting changes to phone numbers linked to Bank Verification Numbers (BVN) to once in a lifetime has caused concern among financial experts, who warn that weak telecommunication
systems and low public awareness could undermine the policy’s intent across Nigeria.
The guideline, contained in a circular signed by Musa Jimoh, Director of Payments Systems Policy, is part of efforts to strengthen Know-Your-Customer (KYC) controls and curb fraud in Nigeria’s banking system.
However, discussions across major broadcast platforms, including Arise News, indicate that while the objective is widely acknowledged, implementation risks remain significant.
Renowned economist Bismarck Rewane has repeatedly argued in his public analyses that financial policies in Nigeria must align with structural and operational realities, especially in areas where infrastructure gaps could weaken intended outcomes.
His position reflects wider concerns that regulatory tightening without systemic support may create unintended consequences.
On the regulatory side, CBN Governor Olayemi Cardoso has consistently positioned BVN reforms as part of efforts to strengthen trust, enhance financial system integrity, and expand secure participation in the banking sector.
Under the new directive, customers can only change the phone number attached to their BVN once, beginning May 1, 2026, while banks are mandated to apply stricter verification processes and flag suspicious transactions through temporary watchlists.
While the CBN maintains that the policy is designed to curb fraud, stakeholders argue that Nigeria’s telecom realities pose a major risk.
A key issue is SIM recycling, the reassignment of inactive phone numbers by telecom operators. Industry observers warn that this practice could expose bank customers to fraud or permanently lock them out of their accounts if their BVN remains tied to a reassigned number.
Digital banking analyst and educator Flora, widely known as “The Digital Banker,” has already raised alarm over the development in a viral social media video, urging Nigerians to verify the phone numbers linked to their BVNS ahead of the implementation deadline.
She stressed that many customers are unaware of the numbers tied to their banking identity, which could create complications once the restriction takes effect.
Beyond operational concerns, the policy has also intersected with broader debates around privacy and digital surveillance. Former Kaduna State governor, Nasir El-Rufai, recently raised concerns in public commentary about the possibility of increased phone monitoring within Nigeria’s evolving digital ecosystem, further heightening public sensitivity around data protection.
Financial inclusion advocates say the restriction could disproportionately affect vulnerable users, particularly those who lose access to their SIM cards due to theft, inactivity, or network disruptions, as well as Nigerians in the diaspora who may face difficulties updating their records.
They argue that while tightening security is necessary, the policy must be backed by strong public sensitization and flexible safeguards to prevent exclusion.
Chairman, Wurukum market traders union, Comrade Moses Ornguga, faults the policy, saying it’s not a welcome development and it will affect banking transactions adversely. According to him, many affected people may resort to patronizing online apps like Opay, Moni point and others.
“Do you know how many SIM cards I have lost? Other people are already using the lines. So, how will I recover them?”, Ornguga expressed worry in an interview.
As awareness of the directive gradually spreads, experts insist that the success of the policy will depend not just on enforcement, but on how well it reflects Nigeria’s digital realities and protects users from unintended risks.
With the May 2026 deadline approaching, the challenge before regulators is to strike a balance between fraud prevention and accessibility, ensuring that efforts to secure the financial system do not inadvertently undermine public confidence.
