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The Central Bank of Nigeria has restricted how often Nigerians can update the phone number linked to their Bank Verification Number (BVN), capping it at once in a lifetime. In a circular issued to banks and other financial institutions on Thursday, the apex bank said the new rules will take effect from May 1, 2026. The restriction is part of new safeguards designed to reduce fraud risks tied to Nigeria’s rapidly growing digital payments ecosystem, where mobile numbers are central to authentication and account recovery. Phone numbers linked to BVNs play a critical role in Nigeria’s banking infrastructure. They are used for one-time passwords (OTPs), transaction alerts, and account recovery processes, making them a key point of vulnerability for fraudsters attempting to hijack bank accounts. Introduced in 2014, Nigeria’s BVN system is the foundational identity layer for the country’s financial services sector. As of March 2026, BVN enrolment count stood at 68.59 million. By limiting how often these numbers can be changed, the CBN aims to reduce the risk of identity manipulation and SIM-related fraud that can enable unauthorised access to financial accounts. While there is no isolated estimate of the financial cost of SIM fraud in Nigeria, the Nigeria Inter-Bank Settlement System says SIM-related compromises often play a role in social engineering schemes, the country’s leading cause of fraud, which accounted for 62,901 cases in 2023. Alongside the restriction, the CBN has also directed financial institutions to establish a temporary watchlist for BVNs linked to suspicious activity. Under the new framework, a flagged BVN can remain on the watchlist for up to 24 hours while the bank contacts the customer to verify the transaction. During this period, the watchlist acts as a pause mechanism, giving financial institutions time to investigate potentially fraudulent activity before funds are moved across the banking system. The measure reflects a growing regulatory clampdown on fraud in Nigeria’s payment ecosystem. The circular reiterates that BVN enrolment remains restricted to individuals aged 18 and above, and that access to BVN database information is limited strictly to financial institutions licensed by the CBN. The latest directive forms part of a broader set of measures, including stronger Know Your Customer (KYC) measures, introduced by the regulator in recent months to tighten fraud controls across Nigeria’s banking and fintech ecosystem.
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With 11 billion payments processed and a clear-eyed view of who still sits outside the system, the CBN is laying the groundwork for inclusion at scale and opening up one of Africa’s most significant untapped markets in the process. Nigeria’s payments infrastructure is among the most advanced in the world. But the digital rails powering that system tell only part of the story. According to the Central Bank of Nigeria’s Fintech Policy Insight Report, released in February 2026, nearly 11 billion transactions were processed through the NIBSS Instant Payment (NIP) platform in 2024, more than double the roughly 5 billion transactions recorded in 2022. The scale places Nigeria among the most active real-time payments markets globally and underscores the strength of its financial infrastructure. Yet even as digital payments expand rapidly, financial access remains uneven. The report notes that 26% of Nigerian adults remain financially excluded, with exclusion rising to 37% in rural areas and nearly 47% in northern Nigeria. For policymakers, that contrast reveals the next challenge for Nigeria’s fintech ecosystem: building the infrastructure around payments that allows innovation to reach the people who need it most. Nigeria’s payments rails are already world-class Nigeria was an early mover in real-time payments. In 2011, the country rolled out a nationwide instant payments system years before similar infrastructure appeared in markets like the United States. Today, the NIP platform processes a growing share of Nigeria’s electronic transactions and has become the backbone of everyday financial activity. This infrastructure has helped power the growth of Nigeria’s fintech sector, as fintech startups attracted over $215 million in venture funding in 2025, and the country continues to host one of Africa’s largest fintech ecosystems. But while payments have scaled, structural bottlenecks still limit the reach of digital financial services. The report highlights four major constraints: The cost and accessibility of digital identity verification Gaps in system interoperability Infrastructure stress during peak transaction periods Regulatory constraints affecting inclusive lending Each affects how effectively fintech companies can serve underserved communities. The infrastructure problem behind financial exclusion Digital identity remains one of the biggest barriers to financial inclusion. Fintech firms rely on identity systems such as the Bank Verification Number (BVN) and the National Identification Number (NIN) to verify customers and meet anti-money laundering requirements. While these systems exist, the report notes that integration costs and system reliability can still pose challenges for fintechs trying to scale services. Stakeholders participating in the CBN’s fintech survey cited digital identity integration and limited credit history data as key obstacles when trying to reach excluded populations. Interoperability presents another challenge. While Nigeria’s payments infrastructure is robust, fintechs still face fragmented connections across APIs, data-sharing systems, and credit infrastructure. Without reliable interoperability, services such as credit scoring, account aggregation, and cross-platform payments become harder to deploy at scale. The result is a system where payments work well, but the broader financial ecosystem still faces friction. Survey responses highlight where improvements in public digital infrastructure could have the greatest impact. Open banking APIs and national digital ID authentication were each identified by 37.5% of fintech operators as the most important infrastructure enablers. Unlocking the next phase of fintech growth Another policy debate centres on lending. Payment Service Banks (PSBs), many backed by telecommunications companies, are currently restricted from offering credit. Some ecosystem participants believe easing these restrictions or introducing a dedicated digital banking licence could help fintech firms extend credit to underserved individuals and small businesses. This reflects a broader shift in Nigeria’s fintech ecosystem. As payments infrastructure matures, the next frontier for innovation is moving beyond transactions toward savings, credit, and financial tools that support economic growth. This article was written by the TechCabal Insights team.
Read MoreCarePay Group, a Kenya-based healthtech connecting insurers, healthcare providers, and members via mobile technology, has appointed Moses G. Kuria as acting CEO of Care International and M-TIBA. Irene Nafula has been named acting managing director of M-TIBA Kenya. The leadership changes follow the departure of Pieter Prickaerts, who stepped down after nearly seven years in the company, serving as Group CEO for two years. The company said Prickaerts played a key role in shaping its growth and expanding its presence across the region. “The Board thanks Pieter for his remarkable leadership and contribution to building the organisation and the foundation for its next phase of growth,” CarePay said in a statement on Wednesday. Kuria, a 10-year CarePay veteran and former Group CFO, previously served as managing director of M-TIBA and holds an MBA from the University of Nairobi. He will oversee the group’s strategy and the regional expansion of its health insurance technology platform, according to the company. Nafula, previously Commercial Director at M-TIBA, brings more than 15 years of experience in healthcare operations, product development, and delivery. She holds an MSc in Organisational Development from the United States International University and will manage Kenya operations, including strategic partnerships, operational performance, and client delivery, CarePay said. CarePay, which started in Kenya in 2015 as M-TIBA, connects individual members to payers and providers in the healthcare ecosystem. It also operates in Nigeria and Tanzania. Last year, TechCabal reported that M-TIBA was hit by a cyberattack that went undetected for 10 days, exposing the personal and medical information of nearly five million Kenyans.
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