Before this development, the process for changing phone numbers linked to a Bank Verification Number (BVN) was relatively flexible. Customers could change their contact information as needed, which often led to identity manipulation and increased vulnerability to fraud. The previous system lacked robust measures for fraud prevention.

Now, under the new rules, individuals can only change their phone number linked to their BVN once in their lifetime. This decisive moment aims to tighten security protocols and ensure that customer identities remain stable and verifiable.

The changes have immediate implications for various stakeholders in the financial ecosystem. For customers, this means a greater emphasis on maintaining consistent contact information. Financial institutions will also benefit from improved data accuracy as they implement stricter Know Your Customer (KYC) processes.

Key aspects of the new BVN policy:

• BVN enrollment is now restricted to individuals aged 18 years and above.
• Only CBN-licensed financial institutions can access the BVN database.
• A temporary BVN watchlist for suspicious transactions will last 24 hours.
• Transactions on newly registered devices are capped at ₦20,000 for the first 24 hours.

This policy not only enhances banking security but also addresses issues of data privacy. Experts highlight that limiting access to authorized channels will help reduce unauthorized changes and strengthen customer verification processes. As one expert noted, “Make sure the BVN number you use is one you plan to keep for a long time.” This statement reflects the importance of stability in customer profiles.

The CBN aims to curb identity manipulation significantly. By implementing these measures, they hope to foster trust between customers and financial institutions—an essential component in today’s increasingly digital banking environment. Minors can also no longer obtain standalone BVNs without guardian-linked arrangements, further tightening regulations around identity verification.

This shift represents a broader trend towards enhancing banking security across Nigeria’s financial landscape. As banks adapt to these new rules, customers should remain vigilant about their personal information and ensure they comply with these updated standards.

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In the aftermath of the breach, five lawsuits have been filed against Mercor by contractors, alleging violations of data privacy and consumer protection laws. Plaintiffs are concerned about the long-term effects of the data exposure, with one individual, NaTivia Esson, stating, “Because of the data breach, plaintiff anticipates spending considerable amounts of time and money to try and mitigate her injuries.” These lawsuits could have a profound impact on Mercor’s operations and reputation.

The breach has raised alarms about the security measures in place at Mercor, especially considering that the company had recently closed a $350 million Series C funding round less than six months before the incident. This funding was expected to help Mercor expand its AI training capabilities, which include working with gig workers for clients like Meta. However, the breach has now cast a shadow over these ambitions.

According to reports, the breach allowed hackers to steal approximately 4 terabytes of sensitive data. Furthermore, Mercor’s tools were found to contain credential harvesting malware, which could steal login credentials in as little as 40 minutes. This raises serious concerns about the effectiveness of the company’s cybersecurity measures and the integrity of the data they handle.

In addition to the lawsuits, there are allegations against Delve Technologies for facilitating fake compliance and sham security audits, which may have contributed to the breach. The emergence of a lead-generation website, MercorClaims.com, around April 1, 2026, further complicates the situation, as it appears to be a response to the fallout from the breach.

Mercor’s revenue was projected to exceed $1 billion annually at the beginning of 2026, but the data breach has jeopardized this outlook. The company has stated that it will continue to communicate with customers and contractors directly and will devote the necessary resources to resolve the matter as soon as possible. However, the exact nature of the stolen data has not been fully described by Mercor, leaving many questions unanswered.

As the situation develops, the impact of the lawsuits on Mercor’s operations and reputation remains unclear. The company faces a challenging road ahead as it navigates the legal landscape and works to restore trust among its clients and contractors. Details remain unconfirmed, but the stakes are high for Mercor as it seeks to recover from this significant setback.

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