While commending the CBN’s efforts to strengthen the integrity of Nigeria’s financial system and curb fraud within the country’s expanding digital economy, the groups argued that the ability to update personal information remains a fundamental right tied to data accuracy, security and access to essential services.
According to them, Nigerians may need to change phone numbers for several legitimate reasons, including SIM loss or theft, security breaches, relocation, changing network providers, or evolving personal and professional circumstances.
The groups warned that limiting phone number updates could lead to long-term inaccuracies within the BVN database and deny citizens secure access to banking and digital financial services.
They further argued that the policy could disproportionately affect vulnerable and mobile populations, weaken confidence in Nigeria’s digital identity systems, and create additional barriers to financial inclusion.
Ogunlana stressed that a people-centred financial ecosystem should allow individuals reasonable control over identity-related data used for authentication and access to digital platforms.
Among the recommendations proposed were stronger identity verification procedures, risk-based monitoring for frequent updates, enhanced audit trails, improved authentication systems, and more robust fraud detection mechanisms.
The organisations also urged stronger collaboration between the CBN and the Nigeria Data Protection Commission to ensure financial regulations align with national data protection obligations and global best practices.
In addition, they called for transparent and accessible remediation channels for customers facing difficulties updating or recovering BVN-linked credentials, including appeals processes and human review mechanisms where necessary.
“As Nigeria’s financial and public service infrastructure becomes increasingly digitised, BVN-linked authentication systems now function as critical gateways to economic participation,” Ogunlana stated.
The groups warned that rigid restrictions could exclude many Nigerians — especially vulnerable persons dealing with insecurity, displacement, device loss, or unstable telecommunications access — from accessing banking, savings, credit, payments, and other essential financial services.
They also urged the CBN to publish the evidence, stakeholder consultations, and risk assessments that informed the policy, insisting that regulations affecting access to financial systems should remain transparent, evidence-based, and proportionate.
