Do you want to know why the Bank Verification Number was introduced in Nigeria? Here is it.
The increasing incidents of compromise on conventional security systems (password and PIN) led to high demand for greater security for access to sensitive or personal information in the Banking System.
With many thoughts and alternatives to battling money laundering and combating the financing of terrorism, came the integration of the biometrics system by the Nigeria Inter-Bank Settlement System Plc (NIBSS) and the Central Bank of Nigeria (CBN).
Kindly Note: BVN, which the Nigerian Inter-Bank Settlement System manages, was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN).
As you know, in recent times, biometric technologies have been incorporated and used to analyze human characteristics as an enhanced form of authentication for real-time security processes.
This technology increased high-end security, so it was thoughtful to incorporate it into the Nigerian Financial system to cope with the situation, hence the introduction of the Bank Verification Number (BVN) in Nigeria in 2017.
According to the CBN Regulatory Framework/Circular, All Deposit Money Banks, Switches, Mobile Money Operators, Payment Terminal Service Providers, Payment Solution Service Providers, Micro Finance Banks & others were to undergo the Bank Verification Number (BVN) operations.
That’s how we came about a unique ID number “called BVN” being issued to every Bank customer at enrollment and linked to every account that the customer has in ALL Nigerian Banks.
In the same vein, Individuals were required to submit an acceptable means of identification as prescribed for enrolment.
As of the time of writing, according to Nigeria Inter-Bank Settlement System Plc (NIBSS), the number of BVN enrollment stands at 55,032,762.
By the way, in case you want to move to the answer on “how to check BVN number”, click here, if not let’s continue as I quickly define what BVN is.
What is Bank Verification Number (BVN)?
BVN is a unique identification number that can be verified across all financial institutions in Nigeria. A customer’s BVN is mapped to the individual’s biological traits namely: Finger Print, Signature, and Facial photograph captured at the point of enrollment.
Top 9 Benefits and Uses of BVN as a Nigerian
- BVN gives a unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one Bank and digital banks inclusive).
- Customers Bank Accounts are protected from unauthorized or foreign access.
- It addresses the issues of identity theft, thus reducing exposure to fraud and combating money laundering.
- It aids the delivery of services by building a technology system.
- It enhances the Banking Industry’s chances of being able to fish out blacklisted customers.
- It enables international Standardized efficiency of Banking operations.
- The Customer’s unique BVN is accepted and can be used as a means of identification across ALL Nigerian banking institutions.
- It qualifies you to take loans, both from the Government and other financial institutions.
- It easily helps track all transactions across all your Nigerian accounts (also checking the accounts linked to a dead relative).
BVN Number Enrollment Requirements in 5 Steps
- Walk into the Bank branch you opened an account with.
- Request the BVN enrollment form from customer care, fill, and submit it.
- Present yourself for data capturing (such as Fingerprint, facial Image, etc.).
- When done, an acknowledgment slip with the transaction ID will be issued to you.
- Within 24 hours the system will confirm your application, your BVN is generated, and you receive an SMS for pickup.
From here on, you can generate and check your BVN details using various methods as we will discuss today. Let’s get started.
What is the Code to Check BVN on ALL Mobile networks (MTN, Airtel, GLO, and 9mobile) in Nigeria?
All the mobile networks in Nigeria such as MTN, Etisalat, Airtel, and GLO use a universal phone Unstructured Supplementary Service Data (USSD) code which is *565*0# to check and verify BVN.
*565*0# is a USSD service from the Nigeria Inter-Bank Settlement System (NIBSS) Plc in collaboration with all Banks offering their customers the next level of convenience and speed in accessing transaction information.
How to Check BVN Details on Andriod and iOS
Follow the steps below to get your BVN ID.
1. Use your BVN Linked Cellphone Line
Kindly make sure you are using the phone line that captured the BVN enrollment, else, this prompt will pop up “Sorry, your phone number is not enrolled on the BVN platform. Please contact your bank for further assistance”.
2. Launch your Call/Phone App
The first step is to go to the Call/Phone app on your mobile device.
3. Dial the BVN code
Dial the BVN code here which is *565*0#, when done, send and get the next prompt which shows your BVN ID.
4. Receive your 11 Digits BVN Number
Immediately you send the *565*0# dial, you will get the 11 digits shown.
5. Copy & Use
Now you have your BVN ID, you can go ahead and Copy, Save and Use it anytime you need it.
What is the cost of Checking BVN on MTN, Airtel, and other Mobile networks?
The cost to check or access any Bank Verification Number ID using mobile networks such as MTN, Glo, Airtel, and 9mobile goes for ₦20 only. This fee is charged per time you check the BVN via USSD.
How to Smartly Store & Access your BVN Number Always?
Method-1
Copy your BVN > Paste the number on your Call/Phone App > add 5 random numbers in front and at the back and > save and give it a random name.
Now, anytime you need the BVN, just go to your contacts, search the random name you gave it and extract the same.
How to Add the random number: if your BVN is 12345678912, now add 45356 and 87564 to it and save as it “Mrs. Joyce”. Here is the result >453561234567891287564.
Method-2
Memorize your BVN ID just as you do with your account number. If you can grab a 10-digit account number, then you can do the same for your 11-digit BVN details.
Method-3
You can use a mobile app like Pocket to save your BVN ID. And if you are an iOS user you can hide the app from your name app menu.
How to Validate your Bank Verification Number (BVN) with USSD on Phone
Should you want to validate whether your BVN is correct, active, and as well as the name registered to the BVN, simply dial the short code (*565*1#), enter the BVN you have at hand, and send, the Name registered to the BVN will be returned via the USSD session.
Kindly note that ₦20 will be deducted from your account – each time you validate your BVN.
How to Check BVN Details Online for free
Follow the steps below to check and validate the details.
- Go to the NIPPS website or click here.
- Enter the BVN and Date of Birth in the form.
- Click on Search and checkmate your BVN.
- Copy out the number.
Can your Bank or Central Bank of Nigeria Call to ask for BVN?
It has already come to the notice of the Central Bank of Nigeria (CBN) that certain unscrupulous individuals have been sending unsolicited emails and text messages to unsuspecting bank customers, alerting them about the deactivation or suspension of their bank accounts due to uncompleted Bank Verification Number (BVN) registration process. Please get this.
Those messages and calls are intended to lure you to reveal your personal details which the fraudsters could use to defraud.
So, kindly be warned that neither the Central Bank of Nigeria (CBN) and deposit money banks nor their employees or agents would ever call bank customers or send e-mail/text messages requesting passwords, card details, or personal identification numbers (PIN).
This is so important cause if you reveal your details, apart from losing your funds or personal information to fraudsters, the process of blocking and unblocking your bank account is enough stress.
Therefore, you are advised to personally visit your banks for any issue requiring disclosure of personal bank details.
Read Also – BVN Scams. Can you be Scammed through BVN? Here’s a True Story
Where to Enroll for BVN Capturing in the Diaspora?
If you are in Australia, you can enroll at the VFS Global (BVN Enrolment Centre) Suite 4, Level 12, 55 Swanston Street, Melbourne, Victoria – 3000.
Working Hours – 09:00 to 15:00 (Monday to Friday) Email: [email protected] Helpline: +612 9252 1152. For other countries, check them out here.
Conclusion
The Bank Verification Number (BVN) is a great technology with a secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.
Therefore, it is an ideal solution to checkmate the financial activities of Nigerian citizens.
With the BVN database being the most reliable and comprehensive data source in the Nigerian Financial Industry, citizens can go ahead to carry out financial benefits such as Loans & grants applications, digital bank operations and etc.
To get started, walk into any of your Bank locations, ask to enroll, get your data taken, get your BVN, save it and use going forward.
FAQ about the BVN
Below are a few questions about the BVN and enrollment in Nigeria.
What is the Goal of the Bank Verification Number?
The goal of the Bank Verification Number (BVN) is to uniquely verify the identity of each Bank’s customer for ‘know your customer (KYC) purposes.
How Can I check my BVN details online?
Go to the NIPPS website, enter the BVN and Date of Birth in the form, and click on Search and check your BVN details online.
How long does it take to get a BVN?
It only takes up to 24hrs after enrollment to get your BVN number.
What can you do if you forget your BVN?
Simply contact your bank where the enrolment was carried out, to
retrieve the number.
How/Where can you update customer information e.g. in case of a change of address?
Walk into your bank and follow the bank’s processes for updating customer information. Note that you can only update your information only at the bank where you have an account.
Do I Need My BVN To Take a Loan as a Nigerian?
The simple answer is yes. Why is this? Because, while taking a loan is just a matter of application to related Nigerian Loans sharks, on the flip side, with the BVN captured, the processes will be properly tracked and defaulters can be followed up to refund the loans.
Do I Need My BVN To Open a Bank Account?
Yes, you do need a Bank Verification Number (BVN) to open a bank account in Nigeria, a directive by the Central Bank of Nigeria to curb financial fraud and activities.
Do I Need My BVN To open an online bank?
Yes, should you want to open online banks like Alat by Wema, Kuda, VVF, and more, you do need your biometric data captured and your BVN addresses.
When does my BVN expire and how do I renew it?
The BVN expires after 10 years. After 10 years of the issuance of the BVN, you need to go back to your bank to re-enroll.
What is the Enrolment procedure for corporate accounts?
Individuals who are signatories to corporate accounts will enroll and their BVNs would be linked to the corporate account by the Banks.
What happens if a customer is an amputee?
The facial features of the customer will be captured as fingerprints will not be required for Amputees.
