CBN’s New BVN Phone Number Rules Could Lock Out Millions, Group Warns
By Aboki Forex —
The Central Bank of Nigeria’s latest guidelines on linking phone numbers to Bank Verification Numbers have sparked fresh concerns. An advocacy group, Digicivic Initiative, has warned that the policy could lock millions of Nigerians out of their bank accounts.
In an open letter to the CBN, the group said rural dwellers, students, and market traders are most at risk. They noted that a stolen phone, relocation to an area with poor network, or a damaged SIM card could trigger financial exclusion under the new rules.
Digicivic argued that many Nigerians regularly change SIM cards due to theft, network issues, or security concerns. Making it hard to update a BVN-linked phone number could cut off access to essential financial services.
Group Calls for Flexible System
While the group acknowledged the need for fraud prevention and data protection, it said security should not come at the cost of financial inclusion. They are calling for a more flexible system that allows secure multiple updates to BVN-linked phone numbers.
Digicivic proposed a risk-based approach. Under this, customers could update their records multiple times as long as they pass strict identity verification. They also urged the use of stronger fraud detection and advanced monitoring systems to flag suspicious changes.
The group warned that any restriction that violates the Nigerian Data Protection Act should not be implemented. The Act guarantees citizens the right to correct outdated or inaccurate personal information.
Earlier, the CBN announced that only individuals aged 18 years and above can now enrol for the BVN. That directive was part of an addendum to the revised regulatory framework for BVN operations and watchlist guidelines.