Due to the high rate of compromising with respect to customers banking details (passwords, etc), a lot of calls were made by the public to the Central Bank of Nigeria to put in measures to safeguard their money.
To stop fraudsters from hacking into and stealing customers money from their accounts and to safeguard customers money with banks, the Central Bank of Nigeria initiated a new identification system which is the now popular Bank Verification Number (BVN) on February 14, 2014.
The Bank Verification Number is a biometric identification system used by the Central Bank of Nigeria (CBN) and it’s banking partner, the Nigerian Interbank Settlement System (N.I.B.S.S) to reduce any form of illegal and unethical banking transaction in Nigeria.
The Bank Verification Number process as a modern security measure is in line with the CBN’s Act, 1958 which was enacted to curb fraud in the banking system.
BENEFITS OF BVN TO BANK CUSTOMERS:
– It gives customers a unique identity that is verifiable in all Nigerian Banks.
– It protects customers bank accounts from unauthorized access.
– It addresses issues and incidences of identity theft, consequently reducing exposure to fraud.
– It facilitates the chances of fishing out blacklisted customers.
– Helps to set a standard efficient operating systems for banks.
– BVN is an acceptable means of identification across every bank in Nigeria.
HOW TO ENROLL FOR BVN:
If you are yet to get enrolled into the BVN verification system, you are probably doing yourself more harm than good. Registration is easy, and to register for BVN in Nigeria, follow the following process:
– Enter any branch of your Local Bank.
– Ask about it from their customer care office and you will be directed accordingly.
– Fill out and submit the BVN enrollment form.
– Make yourself available for data capturing (e.g Fingerprint, facial Image etc).
– You will receive an acknowledgment slip with your transaction ID issued in the process.
– The system will confirm your application within 24 hours after which your BVN (unique 11 digit number) is generated, and an SMS will be sent to you for pickup or otherwise.
HOW TO CHECK YOUR BANK VERIFICATION NUMBER:
How can I get my BVN number? This is a common question asked by those who are still new to the BVN world. It is advisable you use your GSM number used for account opening for your BVN online registration for easy access. Most times, certain transactions require SMS confirmation from the number used for registration.
That being said, there are three ways you can check your BVN at any time you want, and they are:
1) THROUGH USSD CODES ON YOUR PHONE:
This is done with the number registered on your bank account.
To check, Dial *565*0# and wait for a reply through SMS.
This code is the same for MTN, AIRTEL, GLO, ETISALAT, and every other telecommunication company in the country.
Your BVN will be sent to you shortly afterwards. A N20 fee will be charged for the transaction.
2) The second way of checking your BVN is through the bank’s mobile application if it is installed in your smartphone device. You can also register and login to your bank’s internet banking portal to see your BVN.
3) Lastly, you can simply walk into your bank and request that you want to check your BVN.
You should know that no bank will just check this for you without first verifying the reason, since its expected that you use the first two options above. Once you are verified by your bank, they would be able to provide you information on your BVN numbers and its status.