A financial analyst, Tunji Adepeju, has clarified recent updates to Nigeria’s Bank Verification Number (BVN) framework, describing them as targeted measures to strengthen banking security and combat rising fraud.
Speaking in Ibadan, Adepeju explained that contrary to public speculation, the Central Bank of Nigeria (CBN) is not issuing new BVN numbers but enforcing stricter controls on how existing BVN-linked services are used.
He stated that one of the key changes requires customers to use the same phone number originally linked to their BVN for banking transactions.
According to him, the move is aimed at improving identity verification and reducing fraudulent access to bank accounts.
Adepeju also highlighted a new restriction limiting mobile banking access to one device at a time.
He said logging into a banking app on a new device will automatically deactivate access on the previous device and trigger additional verification steps.
This, he noted, allows banks to track transactions more effectively, as each device has a unique internet protocol (IP) address that can be monitored for suspicious activity.
The expert added that the new policy introduces tighter controls on changing BVN-linked phone numbers, allowing only one change per customer.
He explained that the measure is designed to curb SIM swap fraud, where criminals take over phone numbers to gain access to bank accounts.
Adepeju advised customers to link their BVN to a secure and permanent phone number, preferably one connected to their National Identification Number (NIN).
While acknowledging that the new guidelines may cause temporary inconvenience—especially for customers who lose their phones—he said banks are expected to provide support for reactivating access.
He noted that affected customers may need to visit their banks physically to register new devices or update details.
Adepeju said the guidelines form part of broader efforts by regulators to address increasing fraud cases and improve oversight within Nigeria’s financial system.
He added that although the measures may not completely eliminate fraud, they would significantly enhance traceability and reduce risks.
The expert also pointed out that transaction limits and stronger authentication processes would help minimise financial losses in cases of theft or coercion.
He urged Nigerians to cooperate with the new system, noting that the long-term benefits of improved security outweigh the short-term challenges.
