In 2014, to further enhance the security of electronic payments, the Central Bank of Nigeria in collaboration with the Bankers committee came up with a framework they call the BVN. The bank verification number or BVN as we fondly call it is an identification system that helps reduce illegal banking activities in Nigeria. It works by collecting your facial photograph and fingerprints. This article covers all you need to know about BVN. This includes How to check your BVN, answers to controversial questions about BVN, and many more.
What does BVN mean?
As earlier stated, the Bank Verification Number is a Bio-metric Identification system put in place by the Central Bank of Nigeria. The reason behind this is to curb fraudulent activities stemming from bank transactions. The BVN is modern security, which identifies all registered customers in Nigeria’s Banking Industry. It does this using the biometric data that they collected during registration. Today, in Nigeria, the BVN is a requirement for operating a bank account.
How can I register for BVN?
We make a registration for Bank verification Number simple with the following steps:
- Visit any commercial Bank near you with a valid means of Identification.
- They will provide you with the BVN enrollment form. Fill the form will all the required details.
- After you must have successfully done this, the bank representative will take your biometrics (Fingerprint and Photograph)
- They will give you a ticket ID as a confirmation for the successful completion of your application.
- Some days after registration, they will send your Bank Verification Number to the mobile number you provided during registration.
How can I check my BVN?
In the 21st century, one of the aims of the banking industry is to reduce contact with banking Halls. All commercial banks are trying everything possible to achieve this through the use of Technology. Gone are those days when you have to travel long distances to make certain inquiries. To check your BVN, you do not need to visit your bank. All you need do is dial *565*0# on your mobile device — This code works for all networks.
Can someone use my BVN to withdraw?
Due to the increase in the incidents of compromise on Bank Accounts, there have been several controversial topics flying around. One of these is the question “Can Someone use my BVN to withdraw?” It is worthy of note that the BVN is an identification system to verify your ownership. It is some sort of financial ID card. Therefore, your BVN cannot be used to withdraw money from your bank. But, since it is a unique number that can be used to access your details, we advise that you should not reveal this number to anyone. This is because fraudsters can use any of these financial details to orchestrate fraud.
Why should you get your BVN?
The advantages attached to getting your Bank Verification Number are many, some of them are:
- The BVN helps ensure that your bank account is secure and safe from unauthorized access.
- With your bank Verification Number, you can easily track all transactions that have been carried out on your account.
- It is a unique identity that all Banks in Nigeria can verify
The main takeaway from this article is that the Bank Verification number is a means of Identity for all Account holders in Nigeria. It helps keep your account safe from unauthorized access, and it cannot be used to withdraw money from your account. However, we advise that you must keep your BVN safe at all times. If you have not enrolled for your BVN, walk into any commercial Bank near you to register.