In an update published by **NIBSS**, the Central Bank of Nigeria (CBN) has officially implemented a new policy that restricts bank customers to changing the phone number linked to their Bank Verification Number (BVN) just once in their lifetime. This directive, which took effect on May 1, 2026, is part of a sweeping strategy to combat the rising wave of SIM-swap fraud and identity theft in the digital banking sector.
The policy also introduces a 24-hour “cooling-off” period for any accounts flagged for suspicious activity, allowing banks to verify transactions before funds are moved. Banking industry data shows that BVN enrollment has reached nearly 69 million, making this identity framework the primary target for cybercriminals looking to exploit mobile authentication layers.
**Channels TV** highlighted that “the CBN is prioritizing security over convenience to protect the N18 trillion PoS market,” and **The Nation** reported that “banks have begun sending compliance notices to customers regarding the new one-device login limit.”
**Echotitbits take:** This “once-in-a-lifetime” rule is a radical deterrent against SIM-related fraud, but it poses a challenge for users who lose their phone lines or face service provider issues. Expect a surge in “identity verification” complaints at bank branches as the public adjusts to this rigid security posture.
Source: The Guardian – https://guardian.ng/business-services/concern-over-cbns-lifetime-limit-on-bvn-phone-number-changes/, May 4, 2026
Photo credit: The Guardian
