The rapid and steady growth of digital transactions has opened up the market for more fraudulent activity, especially in Nigeria. As a result, the government introduced a biometric identification system called the Bank Verification Number (BVN). The system exists in Nigeria to reduce and ultimately prevent fraud and illegal banking transactions. The Central Bank of Nigeria implemented it under the 1958 Act.
What is meant by BVN?
Your BVN is a unique 11-digit link to all of your bank accounts and consequently to all bank transactions. It is essentially your identity in the banking space and can be used to track your activities in different banks. So people who have separate bank accounts after registration need to link all their accounts to a single BVN. BVN states each bank’s customer goal of “Know Your Customer”.
Currently having and managing a bank account in Nigeria is a BVN. Your bank accounts will remain frozen and frozen. This applies to all types of bank accounts.
Advantages of BVN
The biggest benefit of having a BVN is security. However, there are others. They:
- Security: Your BVN protects all your accounts from unauthorized access.
- Speed: With BVN, the execution of bank transactions is very fast.
- Easy Tracking: Your BVN makes it easy to track all transactions in your accounts.
How do I register for BVN?
Registering for your BVN is a very simple and straightforward process. To register successfully, follow these steps:
- Visit your bank with a valid ID card (an electoral card, driver’s license, national ID card) and request the BVN application form
- Fill out the form and acquire your biometric data; Fingerprints and photos. The bank acquires your biometric data.
- When biometrics are finished, they will give you a ticket ID
- You should receive your BVN number within a few days or less of registering,
Many banks today offer a fully digital process, from which online forms can be downloaded. Once you’ve received your BVN, the next step is to link it to your other bank accounts. Go to the bank, where they will give you a form to complete the process.
How can I check my BVN details?
You can go to the bank and request it from the customer service staff. However, an easy way is to dial the BVN request code on your mobile phone. This line must be registered with your bank account in advance. The complete code for checking your BVN via a registered line is * 565 * 0 #. The composition attracts an N20 charge (airtime) to your line.
How can I update my BVN details online?
Once you have registered and received your BVN number, you can proceed with the online update. To do it:
- Log in to your app
- Update Select my BVN option
- Enter and submit your BVN
How can I open my BVN online?
To check your BVN online, you need to register and get your 11 unique points from your bank. Now, to view this number online, log into your bank app. Click on the menu option and your BVN should show up there.
However, the location of the number varies from one banking app to another. Note that there is no existing online platform that you can register at the time of writing or change your BVN. Ignore websites that claim to do so, as they are potentially fraudulent.
How can I use my BVN to get a loan?
Getting a loan with your BVN isn’t complicated. Most FinTech platforms now require you to lend on your BVN. This is because they can easily track down defaulting debtors and make requests to get their money back.
Unlike commercial or microfinance banks, these fintech companies don’t require you to submit a loan form or offer. Instead, it’s a process of downloading their app, signing up and getting a loan right away.
This is one of the benefits of being a BVN.
This gives you instant access to loans you may not receive. Here are some examples of these companies:
KwikCash (now Migo).
Paylater (now Carbon).
Quick Credit (powered by Guaranty Trust Bank).
QuickBucks (powered by access bank).
These loan service providers have different needs, interest rates, tenure, and repayment channels. Some of these allow you to take out multiple loans at the same time, while others don’t. With KiwiCash, for example, you can easily get loan services from your USSD. You don’t even need a smartphone for this.
Bank Verification Number (BVN) is a very important and profitable development in the banking sector. The ability to create a unique identity for customers has reduced fraud and simplified the lending process. Essentially, BVN favors banks, customers, and lenders to reach the market. The three main points are speed, security (protecting your account from unauthorized access), and transaction transactions.