The rapid and continuous rise in digital transactions opened the market to more fraudulent activities, especially in Nigeria.
As a result, the government introduced a biometric identification system. This system exists to reduce and eventually curb fraudulent and illegal banking transactions in Nigeria. The central bank of Nigeria implemented it in line with Act 1958.
BVN means Bank Verification Number. It is a unique set of 11 digits that is linked to all your bank accounts, and consequentially, all your bank transactions.
It is essentially like your identity in the banking space and can track your activities across different banks. It requires those who have different bank accounts to link all their accounts to a single BVN after registering for one. BVN uniquely verifies each bank’s customer for “know your customer” purpose.
Having a BVN is currently compulsory to own and operate a bank account in Nigeria. Your bank accounts would freeze and remain frozen without one. This applies to all types of bank accounts.
Registering for your BVN is a pretty simple and straightforward process. Follow the steps below to successfully register:
Many banks today now offer a completely digital process, where you can download the form online. After getting your BVN, the next step is to link it to all your other bank accounts. Simply visit your bank, where they would give you a form to complete the process.
If you can’t access or have lost the sim card that you used to create your BVN. You can go through the following steps:
You can also validate your BVN on their portal through the following steps:
As a result, saving the number somewhere so you don’t have to pay for it every time you need it is a good idea.
From the information above, you now understand how you can use a mobile phone to check your BVN. Mobile network operators in Nigeria such as MTN, Etisalat, Airtel, and GLO use the universal code *565*0# to verify BVN. If you’re looking for a quick way to retrieve your BVN number, this code will come in handy.
To check your BVN online, you must have registered and gotten your unique 11 digits from your bank. Now, to see this number online, simply login into your bank app. Click on the menu option and your BVN should be displayed there.
The location of the number, however, varies from one banking app to another.
Note that there is no current online platform that you can register or change your BVN at the time of this writing. Ignore websites that claim to do that, as they are most likely fraudulent.
The short answer to this is, yes. You do. Getting a loan with your BVN is not complicated. All Fintech platforms now require your BVN to give you a loan.
This is because they can easily track defaulters down and make a case to get back their money. Unlike commercial or microfinance banks, these fintech companies do not require you to complete loan forms or tender collateral. Rather, it’s simply a process of download their app, register, and get an instant loan.
This is one of the advantages of having a BVN. It provides you access to quick loans that you might otherwise not get. Some examples of such companies that can offer you fast loans are:
Each of these loan service providers has different requirements, interest rates, tenures, and repayment channels. Some of them allow you to take multiple loans at a time, while others do not.
BVN is a very important and beneficial development in the banking industry. Its ability to create a unique identity for customers has reduced fraud and also simplified loaning processes. Hopefully, you’re now well informed on the different ways to check BVN details without having to walk into any banking hall.
