In 2014, the Central Bank of Nigeria and the Bankers Committee worked together to make electronic payments safer. They came up with a framework called the BVN.
The bank verification number, or BVN as we call it, is a way to prove who you are. It helps Nigeria cut down on illegal banking activities. It works by taking a picture of your face and getting your fingerprints.
This article has all the information you need about BVN. This includes checking your BVN and answering some of the most controversial questions about BVN.
What Does BVN Mean?
As we’ve already said, the Bank Verification Number is a system for identifying people based on their biometrics. The Central Bank of Nigeria set this system up.
This is to stop bank transactions from being used to commit fraud. The Bank Verification Number is a modern security measure that lets the Nigerian Banking Industry know who all of its registered customers are. It does this using the biometric information they got when you signed up. In Nigeria, you need a BVN to open a bank account today.
Related: Top 10 Best Loan Apps In Nigeria
How can I register for BVN?
The following steps make it easy to sign up for a Bank Verification Number:
- Bring a valid form of identification to any commercial bank near you.
- They will give you the form to sign up for a Bank Verification Number. Fill out the form with all the information asked for.
- After you have done this, the bank representative will take your fingerprint and photo.
- They will give you a ticket ID to prove your application has been accepted.
- They will send your Bank Verification Number to the phone number you gave during registration a few days after you sign up.
How can I check my BVN?
You don’t have to go to your bank to check your Bank Verification Number. Just dial *565*0# on your phone’s keypad. This code works for all networks.
In the 21st century, one goal of the banking industry is to reduce the number of times people go to a bank hall. Using technology, all commercial banks are doing everything possible to make this happen.
Can someone use my BVN to withdraw?
Because of the rise in Bank Accounts being hacked, many controversial topics have been floating around. One is, “Can someone use my Bank Verification Number to withdraw?”
It is important to remember that the BVN is a way to prove your ownership. It looks like some financial ID. So, your BVN can’t be used to take money out of your bank account.
However, we recommend keeping this number private because it is a unique number that can be used to access your information. This is because fraud can be set up with any of these financial details.
Can One Person Own More Than One BVN?
Pay attention to what I say. You are only supposed to have one Bank Verification Number. If you have more than one, the EFCC will put you on a list of people to watch.
Do you remember the matric number? Yes, it’s true in this case. Your matric number will stay the same if you take a class in a different department or switch faculties. In the same way, your BVN is the same at every bank.
What If I Change My Name Or Address?
Go to the bank where you got your Bank Verification Number and tell them you need to update your biodata. You still have the same BVN number.
Why Do BVN Need Biometrics
Don’t be afraid. No needles will be stuck in you or anything like that. The biometrics are your unique physical traits, which make it harder for someone to pretend to be you or get into your account without permission.
It adds another layer of safety. If you are thinking about retinal and DNA scanners, consider the future 25 years from now.
Right now, all they need from you are your 10 fingerprints, a picture of your head, and your biodata. I know it’s dull. Nigeria in the 21st century is where you are now.
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Can The Biometric Data Be Done Over The Phone?
No. You can’t sign up for a Bank Verification Number over the phone. To do it, you have to be in the bank. People who were living outside the country had to come back to register. If not, there is no BVN.
Why should you get your Bank Verification Number?
There are a lot of good reasons to get your Bank Verification Number. Here are some of them:
- The BVN helps ensure that no one can enter your bank account without your permission.
- With your bank’s Verification Number, it’s easy to find out what’s been happening with your account.
- It is a unique ID that all Nigerian banks can check.
Related: How to Reverse Money Using Capitec App
What The BVN is Not
Some people worry about what will happen if they don’t have a Bank Verification Number. Let me explain. If you have a BVN, it is possible to open a bank account. You will need a BVN before you can access any bank account in your name.
Bank Verification Number won’t help you get better credit, either. At least not on their own. Some of the information on the internet about the benefits of having a BVN, like how it will help you get loans, is different.
If the bank turned you down for a loan before you got a BVN, they won’t change their mind once you have one. The Bank Verification Number isn’t some kind of magic loan card. It’s not like Monopoly. If you want a loan, you might have to stop gambling and get some kind of security.
Also Read: Check out the top loan apps without BVN in Nigeria.
The idea behind the BVN is that it will make banking easier. When you go to the bank next, you shouldn’t have to show any other form of identification besides your BVN. Nigeria, though. For now, bring your ID card with you.
What Is BVN (Conclusion)
In conclusion, the Bank Verification Number is an essential component of modern banking systems, offering a secure and efficient means of verifying the identity of bank account holders.
Its introduction has significantly enhanced the security of financial transactions, reduced fraud, and improved customer trust in the banking sector.
Bank Verification Number has also facilitated the seamless integration of various banking services, promoting financial inclusion and simplifying account management.
As technology continues to evolve, the BVN system will likely adapt and expand its role in the financial landscape, ensuring that individuals and institutions can confidently engage in the digital age of banking with peace of mind.
