CBN Announces New BVN Rules, Group Warns It Will Affect Customers Bank Accounts
- The CBN’s new BVN phone number linkage rules have sparked concerns that millions of Nigerians
- An advocacy group, Digicivic Initiative, warned that the policy could affect rural dwellers, students
- The group is calling for a more flexible system that allows secure multiple updates to BVN-linked phone numbers
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The Central Bank of Nigeria has introduced fresh guidelines regulating the linking of phone numbers to Bank Verification Numbers (BVNs).
The regulations have been criticised by a Digicivic Initiative, a rights advocacy group, which claims they could potentially lock millions of bank customers across the country out of their accounts.
Source: Getty Images
Digicivic seeks review of BVN's new rules
In an open letter to the CBN recently, the group said the new policy could effectively lock out a significant portion of Nigerians from accessing their bank accounts, as they could find themselves unable to do so due to a phone number change, relocation, or SIM card recovery failure of SIM cards linked to BVN.
The group noted that the stringent process around phone number modification or change, "may result in vulnerable Nigerians being prevented from accessing their bank accounts.
It said:
"Imagine a market trader whose phone is stolen. Or a student relocating to an area with no network coverage. Even a worker forced to switch SIM cards just to stay connected.
"Under current, rigid banking policies, these everyday scenarios could become financial nightmares. The Digicivic Initiative warns that millions of Nigerians risk losing access to essential financial services simply because they cannot easily update their linked phone numbers."
Digicivic claimed that many Nigerians regularly switch SIM cards owing to theft, damaged chips, network challenges, insecurity or an inability to retain their SIM card registrations, and a move to create difficulties in changing BVN-linked phone numbers could lead to financial exclusion, AIT reports.
While the group acknowledges that fraud prevention and data protection are critical, they argue that security should not come at the expense of financial inclusion.
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They believe safeguarding accounts can be achieved without restricting users to a strict, one-time phone number update.
Source: Getty Images
Instead, Digicivic is advocating for a more flexible, risk-based approach. This would allow citizens to update their records multiple times, provided they pass strict identity verification using stronger fraud detection and advanced monitoring systems to flag suspicious changes.
The advocacy group is now calling on financial authorities to urgently review the new restrictions. They emphasise that regulatory policies must comply with data protection laws, which explicitly guarantee a citizen’s right to correct outdated or inaccurate personal information.
The organisation warned that any restriction that contravenes the existing Nigerian Data Protection Act should not be implemented.
CBN announces new age limit for BVN enrolment
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has announced that only individuals aged 18 years and above will be eligible to enrol for the Bank Verification Number (BVN).
The directive was contained in a circular issued to banks, other financial institutions, and payment service providers as part of an addendum to the revised regulatory framework for BVN operations and watchlist guidelines in the Nigerian banking industry.
Source: Legit.ng
