CBN's new BVN phone number rules spark exclusion fears as enrolments near 70 million

Nigeria's Bank Verification Number database has hit 69,972,475 as of August 23, 2026, adding 183,282 new enrolments in under three weeks and closing in on the 70 million mark. The fresh growth came as the Central Bank of Nigeria introduced new rules on how phone numbers linked to BVNs can be changed or replaced, a move a rights group says could lock some bank customers out of their accounts.

Enrolments climb sharply

According to data from the Nigeria Inter-Bank Settlement System, BVN enrolments rose by 183,282 between August 3 and August 23. That is a sharp jump from the 63,336 additions recorded in the week ending August 3. The database stood at around 69.55 million in early July and has climbed steadily since.

At the current pace, the 70 million milestone could be reached within weeks. The BVN scheme, launched by the CBN and administered by NIBSS, links customers' biometric data, including fingerprints and facial features, to their bank records. This helps financial institutions confirm identities, flag duplicate accounts, and strengthen fraud detection across the sector.

Rights group warns on phone number rules

Alongside the enrolment growth, the CBN has issued fresh guidelines governing how phone numbers tied to BVNs can be modified or replaced. The Digicivic Initiative, a rights advocacy group, has responded sharply. In an open letter to the CBN, the group warned that the new restrictions could leave some bank customers unable to access their accounts, especially those who change phone numbers, relocate, or lose access to SIM cards linked to their BVNs.

Phone numbers have become central to digital banking in Nigeria, serving as the gateway for transaction alerts, one-time passwords, and mobile banking authentication. Digicivic argued that a difficult or restrictive process for updating BVN-linked numbers places vulnerable Nigerians at serious risk of financial exclusion. The group also questioned whether the requirements sit comfortably within Nigeria's existing data protection framework.

Security, inclusion, and what it means

NIBSS has pointed to the weaknesses of traditional security tools such as passwords and PINs, noting they are vulnerable to theft, guessing, and phishing attacks. Biometric verification, by contrast, relies on physical characteristics that are harder to compromise. Both the CBN and NIBSS have described the BVN as a cornerstone of Nigeria's financial identity infrastructure, essential to curbing fraud and improving banking security.

Beyond security, the expansion of the BVN database supports Nigeria's financial inclusion goals. Banks and fintech companies increasingly depend on biometric identity systems for account opening and digital services, and the technology can help reduce documentation barriers for underserved Nigerians seeking access to formal banking.

For consumers, the enrolment milestone is a sign of deeper financial identity coverage, but the new phone number rules could introduce friction precisely where digital banking depends on SIM-linked access. A difficult update process may push some Nigerians to the margins of the banking system even as the database grows.